EURJPY: Backing Off Higher Prices.
EURJPY - A failed breakout above its symmetrical triangle saw EURJPY tumbling lower Monday to close at 136.98. This has halted its attempt to breakout of its triangle pattern and triggered a correction of its move from the 128.98 level. We are now keeping our eyes on the 136.02 level, its Oct 15'09 high if further weakness is seen with a loss of the latter pushing the cross further lower towards the 133.36 level, its daily 200 ema. We expect the former level to hold and provide support thereby turning the cross higher again. Upside objective is located at the 137.97 level, its pattern top with a break of there driving it further higher towards the 138.71 level where its Aug 07'09 high is sited. 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. On the whole, failure at higher level prices and its subsequent weakness now suggests further decline but as long as that is seen within its established symmetrical triangle, another attempt at higher prices is expected again
Daily Chart: EURJPY