Forex4you Technical Analysis 16 May 2011

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EUR/JPY: technical analysis
The EUR/JPY has broken drown through key support at 115.00 reafriming the downtrend. It is currently rolling over after a counter-trend correction. There are a succession of bearish targets on the charts but the nearest is 113.45 on the 0.05x3 chart, followed by 112.50 on the 0.1x3. It will probably fall to the nearest of these targets at least, which also constitutes the base of the current consolidation zone.



Forex | Foreign Exchange
Analysis by: Joaquin Monfort
Forex4you analyst


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