EURJPY: Although EURJPY continues to experience corrective to consolidative price activities after halting its medium term uptrend started at the 112.07(Jan’09 low) in Jun’09, as long as it trades and remains above its swing lows at  the 127.00 & 124.37 levels printed in July/April’09, resumption of that trend is likely to be seen. In addition, its price action though ending lower the past week held above the 127.00 and the 130.00 levels. This is consistent with the mentioned consolidation and supports its medium term outlook. With a bottom put in place in Jan’09 and  medium term upside triggered in Mar’09 driving the cross to as high as 139.22 in late May’09, its present price activities is seen as a correction of that upmove suggesting that higher level prices on ending that correction should follow. Resistance resides at its Sept 09’09 high at 134.39 initially followed by its Aug 24’09 high at 136.07 with a turn above there allowing the cross to target its YTD high standing at 139.22.Beyond there will have to be seen to resume its medium term uptrend now on hold. Downside objectives are located at its Sept 02’09 low at 131.04 and its psycho level at 130.00 with a loss of the latter accelerating further declines towards the 127.00 level, its July 08’09 low. On the whole, EURJPY still has its focus on the upside on ending its current consolidative to corrective price activities.

 

 

 

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