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| EURJPY UPDATE: MCH 21 '12 |
UPDATE: Although, the momentum for the EURJPY slowing pacing the GBPJPY this update of prices extending towards the current price of 111.23 extension high has just penetrated the trend line resistance. The USDJPY recovery above the 84.00 levels have supported the EURJPY as it continues to move towards the 885.00 trading range where most have anticipated where the USDJPY is heading to.
Meanwhile the EURJPY cross with its current pace is aiming for a 111.55 - 112.35 trading range for this week as long as the continued strength of the USDJPY continues its present rally. The pivot price and support still remains to be at the lower price levels of 108.10 -108.65 range way above its Daily Moving Average price of 109.25. Momentum remains steady to higher while the positive tone remains for the Stochastics with the relative strength still has some room to move higher before it reaches an overbought situation. The equi-distant rising channel has been defined in the daily chart and comparing with the weekly may prove to have some possible offers that would "trigger daily pullbacks" at the end of the trading week & month. This recovery from the low of 105.55 has found a sustainable trend so far.
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