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EUR/JPY Daily Chart 11:33AM EDT 6/6/2012

EUR/JPY

 We were looking at the EUR/JPY earlier this week, as it swung back from below the 2012 low set in January. The daily chart shows that the market has established a support pivot that reached down to 95.55, and is now testing the 99.00 handle.

The next level to watch out for is the 100 psychological pivot, which is allied with the 100-day simple moving average as well as a price pivot near 100.25.

Therefore, the current recovery still has some upside risk, but in the 100-100.25 area, we should monitor price action for possible reselling, since we are still in a strong bear market since March.

Above 100.25, the next key resistance is in the 101.90-102.10 area. A declining trendline resides there along with price pivots seen respected in Feb as support, Jan. as resistance and Dec. also as resistance.

We will go into a more detailed discussion of the EUR/JPY as well as other currency, equities, bonds, and commodities markets all week long in our Market Intelligence Briefings. Subscribe Today!

Fan Yang CMT is a trader, educator and a Chief Technical Strategist for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.