by Thu, 09 Sep 2010 09:47:00 +0200
Forex: EUR/JPY drops to 106.00
FXstreet.com (Barcelona) - The EUR/JPY has been pressured lower by a strong Japanese yen Thursday, with the pair falling some 80 pips over the Asian session only to find support at the 106.00 mark. With the start of the European session, the pair is attempting to rebound with the pair currently quoting in at 106.15.
Regarding the EUR/JPY, Nicole Elliot of Mizuho Corporate Bank reports: “Consolidating below the bottom of the ‘triangle’ and set to re-test August’s low of 105.44. The Euro is still not oversold against the yen and momentum is bearish but not especially strong. Expect more cautious downside testing today and maybe all month. Strategy: Attempt shorts at 106.15, adding to 107.00; stop above 108.00. First target 105.50, then 104.25.”
| Technical Analysis (2010-09-09 07:30 GMT) | |
|---|---|
EUR/JPY 105.99/106.03 - O: 108.465 H: 108.55 L: 108.445 C: 108.48 | |
| Trend | R3: 106.87 |
 | R2: 106.61 |
| R1: 106.34 | |
| S1: 105.67 | |
| S2: 105.94 | |
| S3: 106.21 | |
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