FX.co ★ EUR/JPY Bearish Outlook, December 23, 2011 (Daily Strategy)

EUR/JPY

The euro – Japanese yen pair has has perforated his line of upward trend that it was bringing from October 04, at the moment is trading at 101.85, just below the weekly pivot line a close below this level could lead the pair to the support area of 99.20 yen per euro. The 200-day moving average is the weekly resistance level around 103.45. this level will be an entry point into our bassist exercise.

Do not expect a dramatic recovery and progress in relation to the debt crisis at the moment, so the euro will continue to suffer this time of uncertainty. Euro You can sell at market price or wait for a small correction to 103.20 yen, our goal in this exercise is 99.20 yen. The stop loss level can be placed above the uptrend line was pierced.