(119,90) The EUR/JPY confirmed last night still a negative closing before however rebounding today, move that is breaking a s/t resistance line. The cross could be forming a S_H_S formation with the neck line at 117,20; however, the move up already exceeded the 75% retracement level of the previous drop 120,72 – 117,05!! The indicators of the daily chart are still well negative but those of the s/t ones are above the line suggesting further upside potential. The indicators of the hourly chart are even overbought showing potential negative reversal; on the way down it failed however to form clear bullish divergences!! While below 120,20 on an hourly closing we believe the upside should be limited favouring a resumption of the decline suggesting a break below 117!!
Click here to read the full report: EURJPY 01.24
Future Trend Research