Monday, August 15, 2011

EUR/JPY Techncial Analysis - August 15, 2011

The euro-yen pair has risen above the intraday channel and broken out higher. It has also risen within a larger channel on the daily chart, targeting the upper channel line in the 112s. 

However, there is also a possible bearish falling 3 methods candlestick pattern forming and the down-trend could resume at any time. If so it could revisit the 108 lows again. A move higher, however, could find resistance from the R1 pivot at 112.62.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst