FX.co ★ EUR/JPY,Opportunities to Buy Janaury 11, 2011 (Daily Strategy)

Euro – Japanese Yen

The technical angle allows us to identify an attractive buy opportunity;The fact that the pair has failed to breach the support level at 107 hints that it is possible that the Euro – Japanese Yen pair had bottomed out in expectation of a new wave of upwards movement. It is also important to point out the positive technical deviation on the MACD indicator, combined with the appearance of the “Bat” bullish reversal pattern. These allow for entry into a buy deal with an exit goal near the meaningful resistance level of 109.70 Japanese Yen for one Euro.