JPY crosses/Technical Analysis

EUR/JPY: Modest profit-taking ahead of technical resistance at 123.00

The 38.2% retracement of the massive down-move from 170 to 94 comes in near 123.00 as also does a weekly high from 2 years ago. Obviously this level will have the bulls reconsidering their commitment so it’s of little surprise to see prices dip from this morning’s 122.90 highs to present levels near 122.35.

Leave a Reply

Your email address will not be published. Required fields are marked *