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Home arrow Trading 101 arrow Market Analysis arrow Euro-Yen Technical Outlook
Euro-Yen Technical Outlook PDF Print E-mail
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Thursday, 16 October 2008
Euro-Yen Technical Levels
Weekly
 After several weeks, EURJPY broken below important support at 138.98 turns resistance with now price heading towards 130.59 with first barrier at last week low of 132.21. Resistance at 138.98. Momemtum is clearly on the downside.

 Downtrend is strong

Daily Yesterday big drop with ADX remains above 40 now focus back towards 10 Oct low of 132.21. Important upside resistance at 141.12 would turn outlook neutral. Momentum now in line with weekly as outlook continues to remain bearish for the Euro with recession coming and interest rate poised to drop, including carry trade unwinding and risk aversion. Outlook remains bearish for EURJPY.

Downtrend is strong

Resistance Levels
169.95 Historic High
161.8778.6% Fibonacci Retracement Level 132.21 - 169.95
155.5361.8% Fibonacci Retracement Level 132.21 - 169.95
151.0850.0% Fibonacci Retracement Level 132.21 - 169.95
150.8223.6% Fibonacci Retracement Level 169.95 - 88.87
146.6338.2% Fibonacci Retracement Level 132.21 - 169.95
141.1223.6% Fibonacci Retracement Level 132.21 - 169.95
138.9838.2% Fibonacci Retracement Level 169.95 - 88.87
Support Levels
132.2110 October 2008 Low
130.59
23 June 2005 Low
129.4150.0% Fibonacci Retracement Level 169.95 - 88.87
124.1410 November 2003 Low
119.8461.8% Fibonacci Retracement Level 169.95 - 88.87
106.22
78.6% Fibonacci Retracement Level 169.95 - 88.87
88.872000 Year Low

The above technical analysis were based on FX Operator Forex Blitz 2. To get a copy of this proprietary trading system, please click here.

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