EURJPY - Daily technical Strategy

EURJPY- A follow -through to the upside on its hammer candle formation the past week has seen it breaking above its Dec 16'09 high at 130.76 and testing a high of 131.84 before closing at 131.74.It was seen maintaining those gains in early trading today. EURJPY must hold above 131.59 or the 130.76 level to keep its corrective recovery off the 127.29 level intact and set the stage for further higher gains towards the 134.53 level, its Dec 04'09 high with a loss of there resuming its recovery from the 126.83 level towards at the 135.37 level, its Nov 10'09 high. Correction if triggered will initially target the 131.59 level with a decline through there aiming at its Dec 16'09 high at 130.76followed by the 128.77 level, its Dec 09'09 low and next the 126.83 level, its Nov 26'09 low. The latter level is the trigger for the resumption of its decline initiated from the 134.53 level. A loss of there will pave the way for additional downside towards the 124.37 level, its April 28'09 low. On the whole, the cross has halted its downside weakness at the 127.29 level and now looks to build on it towards the 134.53 level.

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