Euro/Yen

Wed, Feb 3 2010, 06:47 GMT
by Carol Harmer

Euro/Yen

Euro/Yen settled down yesterday after Mondays leap from the abyss back above 125.30 for 126.54. Now we have not made much progress since Monday on the topside and 126.75/83 has been a bit of a sticking point.

We need to clear 127.10 to take off any further downward pressure. The daily charts do show a move higher is on the cards, as they have turned from negative to bullish over the past 2/3 sessions...So we have to take a leap of faith and continue with buying into dips looking for the market to pick up and break above 127.20 to give us a clear run for 128.20.

126.00 to 125.30 offers good re-entry point once more for buyers... If we don't see these lows look for a break of 126.85 for 127.10/20. Initially take profits, but be ready to reintroduce longs above 127.20 as all the criteria for a move higher is in place at lower levels and is supported by all technical indicators.

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Published On Wed, Feb 3 2010, 06:55 GMT

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