Thursday, September 22, 2011

EUR/JPY Trending Down - September 22, 2011

This pair is in a strong trending move down. It has passed through the daily pivot point at 102.60 and will probably continue lower. 

There is a point and figure target at 102.00 on the 'road-map' 0.5x3 chart and a cluster of support around the psychologically significant 100.00 mark, which is my longer term target for the pair.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst