(115,70) The EUR/JPY started the year with another gap up, of about 90/ 100 pips, after a closing on Monday at 114,45. Next resistance area is at 117,80/90. The yearly closing was positive forming a positive year reversal while the monthly one was strong. The indicators of the m/t charts are now all well positive but those of the weekly and daily one are well overbought and however still showing potential negative reversals. In the weekly chart the cross already moved above the 200 weeks line like in 2001 when it went to 119,70 before turning back down to 111,30. The indicators of the s/t charts are all positive at the moment but also here we have overbought conditions. Bearish divergences however still confirm higher levels with next target at 116,36. We have a big gap up in well overbought conditions. For sure we don’t suggest to buy it but there is room for a 117 overshooting. We stay short; the position has been evaluated to the year-end closing putting part of the loss to last year’s p&l!!
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Future Trend Research