Forex4you Technical Analysis 4 May 2011

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EUR/JPY: technical analysis
The EUR/JPY is consolidating after pulling back from the 123.00 high. The longer term picture is bullish with a cluster of targets in the 126s but shorter term the direction is less clear, however, a triple top formation on the point and figure chart has just triggered probably leading to higher prices with a strong possibility of a revisit to the 123s - although a closer target could be the Fibonacci line at 122.35.




Forex | Foreign Exchange
Analysis by: Joaquin Monfort
Forex4you analyst

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