EURJPY Analysis – 1st March 2013 – Testing Lower Channel Line After 1-Month Low
- EUR/JPY is currently trading around the 121.00 handle, after hitting a high of 121.42 during the Asian session. We note that the Nikkei index closed Thursday’s session up +2.71%.
- This comes in the context of the bearish EURJPY price action, following the Italian election results on Monday, and the associated fresh 1-month Euro/Yen low around 118.74.
- The H4 chart below shows EURJPY is now testing the broken lower channel line, albeit with no close back in the descending consolidation range as of yet.
- The benchmark USDJPY (dollar/yen) pair is trading marginally higher on the day at 92.69 after a break of the double inside day formation.
- EURUSD is trading at 1.3050 and just under yesterdays low, a day after the euro registered its biggest monthly basis fall versus the dollar in around nine months.
Nick Simpson, Forex-FX-4X.com, EURJPY Technical Analysis 1/3/13