Forex4you Technical Analysis 03 June 2011

EUR/JPY: Technical Analysis

The EUR/JPY pair is rising in a wedge shaped channel. It has just completed the 'C' wave and is possibly descending in a 'D' wave with an eventual target of 115.35 at a support line below. On the 0.1x3 point and figure (p&f) chart it has just broken a rising trendline and may be breaking out of a fulcrum reversal pattern. The downside target from the highs is also 115.30. There is a strong resistance line at the monthly pivot at 117.25 which is keeping prices down. A break above that level could produce a rally targeting 118.50, which is the p&f count from the lows.

Analysis by: Joaquin Monfort  

                    Forex4you analyst

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