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EUR/JPY technicals: stuck in medium term holding range

Wed, Nov 4 2009, 22:45 GMT
http://www.forexlive.com

EUR/JPY is stuck between a flat-top around 138 and a minor trend-line support now around 131 and we can expect further oscillations inside of this range. This is a classic pennant formation which normally would argue for an eventual break higher but the time-frame is against it (pennants are usually s/t continuation patterns). Resistance on the hourly chart is at 136 and support comes in around 133.50. Range trading on all time-frames is preferred in the absence of any significant trend indication.

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