EUR/JPY Weekly technical Outlook

07 November 2009 @ 12:53 pm EDT

EUR/JPY recovered strongly last week but after all, upside was limited below 135.97 resistance and thus retain the near term bearish outlook that fall from 138.47 is still in progress. Friday's fall and touching of 133.24 minor support, with 4 hours MACD crossed below signal line, suggests that choppy recovery from 131.56 has completed at 135.68 already. Initial bias is turned to the downside this week for retesting 131.56 first. Break will bring fall resumption towards 129.02 key support next. However, note that a break of 135.68 resistance will argue that fall from 138.47 has completed and will turn outlook bullish for retesting this resistance first.

Copyright 2009 ActionForex, All rights reserved.

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