FX.co ★ EUR/JPY. Technical Rebound December 24, 2010 (Daily Strategy)

EUR/JPY

The state of the Euro – Japanese Yen pair is not much different from the state o the Euro – United States dollar pair. After a dive of 400 points directly towards the 108.40 support level, the pair has stabilized, and it appears it has found at least a temporary bottom. As such, the pair is expected to renew it’s upwards movement, returning to the 110.50 price level.

The final exit goal for the expected move may be placed near the resistance level 113.30 . Japanese Yen for one Euro.