TECHNICAL ANALYSIS OF EURJPY 17/01/12
EUR / JPY has recovered during the last week until 98.80, but the break of 97.27 support suggests that the fall is in the process of recovery. The initial downward bias this week for the 61.8% projection of 102.53 to 97.27 from 98.80 or 95.54. On the upside, a break of 98.80 resistance will be required to report the achievement of the minimum term. Otherwise, the prospect will remain bearish even in case of recovery.
The power of the down side of EUR / JPY is rising this week with a break of the descending trend line and the weekly MACD well below the signal line. The current fall from 123.31 is part of the downward trend began in 2008 with the maximum of 169.96 and should have as the target 100% projection of 139.21 to 105.42 to 123.31, or 89.52. At this point, it is possible to anticipate a strong support that will lead to at least one attempt to bounce, now being close to the low of 88.96 as well as 100% projection of 123.31 to 100.74 to 111.57, or 89.00. However, a rupture of the resistance of 111.57 will signal the beginning del'inversione. Otherwise, the prospect will remain bearish in the cross even in case of rebound.
In the long term, the bullish trend started in 2000 with a minimum of 88.96, was completed at 169.96 up to form a long-term. Based on the structure of the 5 waves up from 88.96 to 169.96, it is likely that the fall from 169.96 is corrective in nature. Thus, it will be possible to search signals inversion above the minimum of 88.96.
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thanks for the info, very interesting