FX.co ★ EUR/JPY Intraday Technical Analysis & Trade Recommendation December 30, 2011

EUR/JPY is now trending down with successive lower lows & lower highs.

Two weeks ago, We had two significant technical events which are the break of the mid-term uptrend line on Monday & Break of the support level 102.50 on Tuesday.

Last Week, Retracement was expected towards 102.50-103.25 which was mentioned as a good SELL entry area.

It's important to mention that the pair broke the support level 100.75 which was last October's low.

SL should be lowered to be daily closure above 101.00 & remaining TP levels should be waited for as 100.00 is the first support level near to the pair price.