(122,04) The EUR/JPY confirmed another session of consolidation yesterday remaining interior Friday range as well as interior the larger inside day with 118,60 – 125,50 still the levels to follow in the coming hours/ sessions. Still only a daily closing below 118,60 will support lower levels! The cross confirmed some strength as we expected and especially while above the 200 hours line, today found at 121,41. Only an hourly closing above 122,30 will however support further strength suggesting a possible move up even toward the 124,00/ 50 area where we find an important resistance line!! The indicators of the daily chart are still well negative while those of the s/t ones are showing a mixed picture suggesting further consolidation/ correction. In the hourly chart we start however seeing bearish divergences suggesting a possible change of the tone!! We stay on the sideline waiting for further confirmations!
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Future Trend Research