Monday, July 11, 2011

EUR/JPY Falling Heavily - July 11, 2011

The EUR/JPY pair is falling heavily after gaping down overnight. It has just past through support at the 113.50 level and is currently trading at 113.30. 

There is a possibility that it could pull up a bit and end the down-move at the 113.50 level, before bouncing back up to fill the gap. 

Alternatively it could also continue to fall down to 112.90, the next support and resistance level on the chart.
 
Analysis prepared by:
Joaquin Monfort
Forex4you analyst