Chart Of The Day: EUR/JPY
By FX Solutions | Published on April 1st, 2009
4/01/2009 – EUR/JPY – Price action on EUR/JPY, a daily chart of which is shown, retraced to a key uptrend support line earlier in the week, and has respected the trendline with a pronounced bullish bounce. This occurs after price hit a clear swing high in the uptrend, around the significant 134.00-134.50 support/resistance region. The current retracement back to the trendline could be considered a flag-like consolidation before a potential breakout to the upside. However, any continuation of the current uptrend would only be triggered on a substantial breakout above 134.50. If this occurs, the 137.00 price region should serve as a significant resistance target to the upside. To the downside, the noted uptrend support line should continue to serve as dynamic support going forward.
James Chen
Chief Technical Analyst
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