EURJPY: On The Verge Of Breaking Triangle Pattern.
EURJPY - With our previous and recent calls for a trade towards and an eventual break of its symmetrical triangle top at 138.02, that level is currently under attack as the time of this analysis. On a decisive break of there, risk will turn to the 138.71 level where its Aug 07'09 high is located. Above the latter will clear the way for a run at the 139.26 level, its YTD high where a violation will activate the resumption of its MT uptrend. Its daily/weekly momentum indicators have turned higher supporting this view. To the downside, the 136.96 level, its Oct 21'09 high will be targeted ahead of the 133.02 level and then the 132.16 level, marking its Oct 12'09 low with a turn below there exposing the 130.61 level, its Sept 30'09 high. We maintain our medium term upside bias view on the cross suggesting its current price consolidation within the symmetrical triangle remains corrective of its MT uptrend initiated from the 112.07 level. A break out of that triangle now shaping up will bring the resumption of that trend.On the whole, with continued upside momentum seen, EURJPY looks to breakout of its triangle pattern and possibly retarget its YTD high at 139.26.