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| EURJPY as of FEB 14, 2012 |
The EURJPY has recovered from it daily corrective move and is currently back at the highs of 102.75. The corrective low at 101.80 was well supported and in line with the EURUSD 1.3144 correction dated the 13th of February and is working at the 1.3200 recovery levels. while the daily directional move of the USDx has helped the USDJPY to gain some ground and is moving back higher above the 78.00 1st resistance levels that has prompted to support the EURJPY cross currently above the 103.00 levels. The price adjustments likewise helped some traders to regain back some trade footing with fresh momentum and volumes have emerged while volumes are slowly increasing towards the mid-week's trading activity.
The daily candle bars as shown on the chart depicts the spread between bulls and bears are just about even while waiting for other fundamentals in the news wires regarding the Euro. For now the similar drawbacks are only expected on a day to day and trading session to session basis while the directional trend for the EURJPY cross is still within its upward trend. Suport1 levels are seen at 101.60 while it stays above the 21 day MA of 101.20. This justifies maintaining our position of Feb 2, 2012 as prices would continue to move gradually at a better pace while building momentum after the 2 day correction along side with the corrective move of the EURUSD. Otherwise, the USDJPY may well bid the prices higher in line with the corrective move higher of the USDx currently working at the 79.20 basis point levels. Any price above the 79.50-80.10 USDx resistance would trigger the cross rate to further its advance.
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