EURJPY: Builds On Recovery Gains
October 4, 2012 10:20 am in Forex Analysis
EURJPY- While the cross continues to build on its bullish tone, it will have to break and hold above the 103.85 level to end its bear threats. This if seen will pave the way for a run at the 104.42 level. And possibly the 105.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 100.70 level where a violation will open the door for a move lower towards the 99.51/63 levels. EURJPY may see a respite here and turn higher. Further down, support lies at the 97.80 level where a break will call for a push lower towards the 95.72 level. All in all, though maintaining its broader medium term upside, it will have to break above the 103.85 to trigger that trend.