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Daily Technical Strategist: EURJPY

EURJPY: Resumes Short Term Uptrend
- A three-straight day of strength saw the pair breaking through its Mar 04’2011 high at 115.98 on Tuesday and following through higher in early trading today. This development now leaves the 119.11 level, its .618 Fib Ret (127.90-105.39 declines) as the next upside target with a loss of there opening the door for additional gains towards its May 09’2010 high at 122.27. Its daily studies are bullish and pointing higher supporting this view. On any pullback, EURJPY will aim at its Mar 04’2011 high at 115.98 where a reversal of roles as support is expected to turn it back up again. Further down, support stands at the 113.45 level, its Mar 16’2011 high followed by the 110.80 level. All in all, with the cross triggering the resumption of short term uptrend, further strength is likely in the days ahead. 

Daily Technical Strategist