EUR/JPY Weekly technical Outlook

14 November 2009 @ 12:22 pm EDT

EUR/JPY's break of 133.19 minor support last week indicates that recovery from 131.56 should have completed at 135.68 already. Initial bias will be on the downside this week for 131.56 first. Break there will confirm that whole fall from 138.47 has resumed and should target 129.02 support next. On the upside, however, a break above 134.43 minor resistance will dampen this immediate bearish view and turn bias neutral again. Further break of 135.68/97 resistance zone will in turn suggest that fall from 138.47 has completed and turn bias to the upside for retesting this resistance.

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