Forex4you Technical Analysis 7 July 2011

EUR/JPY: downside bias
Signals on my point and figure charts are mixed as the exchange rate bounces from its lows. The 0.05x3 chart has a new upside count to 116.90 but it also still has the old 115.35 target which has not quite been met and a new dowside count to 114.45. However, overall there is a downside bias given the very bearish looking triple bottom continuation pattern on the 0.1x3 chart, so a move to 115.35 first and then probably 114.45 is likely.



Belajar Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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