by Fri, 17 Dec 2010 14:18:00 +0100
Forex: EUR/JPY drops to 111.20; paring daily gains
FXstreet.com (Barcelona) - The EUR/JPY has come off earlier highs near 112.00 as the euro common currency weakens across the board in afternoon trading over Europe. The pair has dropped around 80 pips, erasing gains accrued over the day before seemingly finding support at time of writing at a low of 111.20.
The FXMarketAlerts team reports: “Trade back down through 111.60/ Thur's high breaks the small bullish advantage this market had earlier and keeps the s/t bias about even. Market is still capped at 112 or so. Acceptance below 111 is weak.”
They go on to list key support at 111.05 (Thur low), 110.45 (10-Dec low) and 110.25 (50% retrace). To the upside, resistance is placed at 112.05 (Jan-09 low) , 112.20 (14-Dec high) and 114.95 (22-Nov high).
| Technical Analysis (2010-12-17 13:00 GMT) | |
|---|---|
EUR/JPY 111.31/111.38 - O: 111.345 H: 111.495 L: 111.305 C: 111.465 | |
| Trend | R3: 111.92 |
 | R2: 111.65 |
| R1: 111.37 | |
| S1: 110.74 | |
| S2: 111.02 | |
| S3: 111.30 | |
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