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Chart of the Day

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Chart of the Day – EUR/JPY

Fri, Jun 26 2009, 15:53 GMT
by James Chen

FX Solutions

6/26/2009 – EUR/JPY – EUR/JPY, a daily chart of which is shown, has been consolidating right underneath the key 135.00 support/resistance level for the last week and a half, while still respecting a parallel uptrend channel that has been in place since late April. On a longer-term basis, a strong uptrend actually extends all the way back to the long-term extreme low hit in January. Currently, price has just made a bounce up off both the bottom of the parallel uptrend channel as well as a downtrend line (extending from the early April swing high) that price broke out above in late May. So the recent bearishness in this pair may be seen as corrective, with a good potential for more upside price action going forward. This bullishness should be triggered on any significant breakout above 135.00, which would confirm a continuation of the current overall uptrend. In that event, the major upside resistance target would be a re-test of the 139.20 uptrend high. In the event of a strong breakdown below the bottom of the current parallel uptrend channel, further key support immediately to the downside resides around the 131.00 support/resistance region.

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Published on  Fri, Jun 26 2009, 15:54 GMT