24/03/2009 – EUR/JPY – By breaking out cleanly above the key 131.00 price action on EUR/JPY, has tentatively confirmed the potential for further upside momentum. The 131.51 level should now serve as support where it previously served as resistance on at least three separate occasions before Monday’s break.
Retracement and consolidation can be expected after the breakout, but if price is able to follow-through further and break above the 134.50 level, which represents the high thus far after the 131.00 breakout, a major resistance target to the upside resides around the 137.00 region.
No comments:
Post a Comment