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EURJPY Euro Yen Update 9th April

EURJPY Analysis Update

 EURJPY Euro Yen Update 9th April

  • EURJPY has found support near the 38.2% Fibonacci retrace of 97.01 – 111.42.  This comes after price has dropped from the 110 area range highs following the high momentum move up from 97.00.
  • The recent lows have given support before when price hit 105.62 on the 6/3/2012.  The daily candle currently resembles a hammer/pinbar but there is still time for this to change before the day ends. 
  • If the EURJPY exchange rate can form a base around 106.00 a range could potentially be seen before a trend is established in either direction. The 108.70 area daily lows stand out as possible resistance for the EURJPY.  This could see previous support become resistance.
  • If euro/yen can break down through the 106 price structure the 105.00 psych round number level stands out  as the next key area.
  • The directional bias is to the upside but these corrections can last longer than many anticipate.  Price action should be monitored for any early indication of a trend resumption or further decline to the downside.
  • The Bank Of Japan Interest Rate Statement is tentatively scheduled for later tonight; any additional increase in the asset purchase program, or similar shock measure, could bring additional volatility.

eurjpy d1 chart 9 4 2012 thumb EURJPY Euro Yen Update 9th April

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