Tuesday, July 19, 2011

Societe Generale: EUR/JPY may fall to 106.95

Technical analysts at Societe Generale believe that the single currency is on its way down to last week's minimums versus Japanese yen in the 109.60 area and then to the downtrend channel support at 109.20.

If the pair EUR/JPY breaks even lower, it will slump to the longer-term rising support line at 106.95.

According to the bank, on the upside resistance levels are situated at 111.35 and 112.35.

daily eurjpy 18-33
Chart. Daily EUR/JPY

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