Forex4you Technical Analysis 27 May 2011

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Forex4you Technical Analysis 27 May 2011

Post  namrata on Fri May 27, 2011 5:23 am

EUR/JPY: technical analysis
The EUR/JPY pair is in a sideways move, hemmed in by support and resistance above and below , with 116.50 above and the ichimoku cloud base at the lows at 115.00. On the 0.1x3 point and figure chart a triangle pattern can be seen unfolding with support at 114.35 and resistance at 115.90. The smaller 0.05x3 chart has high and low counts with targets of 116.00 and 114.25, and a double bottom sell signal. The bias appears to be down initally, perhaps to 114.30, but a break in either direction is possible therafter.




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Analysis by: Joaquin Monfort
Forex4you analyst

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namrata

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