EURJPY Analysis – 1st March 2013 – Testing Lower Channel Line After 1-Month Low

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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

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