FXstreet.com (Barcelona) - The Euro seems to be holding above 122.00 after dropping from 126.00 on Feb 26. At the beginning of the week the Euro has remained trading inside a range from 1.22.00 to intra-day resistance at 123.10.
According to Nicole Elliot, technical analyst at Mizuho Corporate Bank, the EUR/JPY will remain consolidating at current levels: Fairly impressive potential 'double bottom' after the catastrophic losses last year. Allow for more consolidation today above 122.00 remembering that later on we still favour a squeeze up to trendline resistance at 128.50 and probably December's high at 131.02.
Concerning strategy, Elliott advices longs towards 1.2310: Attempt longs at 123.10; stop well below 122.00. First target 124.70/125.00, then 126.00 again.