FX TECHNICAL REPORT MAJOR CROSS-RATES - FEATURED MARKET - EUR/JPY
EUR/JPY retraced close to 76.4% of the 2008- 2012 169.96-94.14 decline, reaching a peak of 149.73 in December 2014, close to former key support from the 2007 low at 149.33.
then, a two-legged retreat has occurred, so far retracing almost exactly 50% of the 94.14- 149.73 2012-2014 recovery.
With MACD
having dipped below the pivotal zero line over recent months, we see the risk of a continued retracement of the 2012-2014 advance towards
support-tuned-resistance around 111.42-112.08 and possibly
the Since 102.81-107.26 area during
2016 (Fibonacci retracement & projection), where attempts may then be made to develop a key higher low above the 2012 bottom, setting up a renewed recovery phase. Look for an initial bounce to possibly now leave a sub 141.03 lower top by 133.57-133.73 (midpoint of previous 126.11-141.03 bounce / former resistance from 2013).
MAJOR TRENDS AND TARGETS FOR MAJOR CROSS-RATES As at 18-Mar-16 EUR/GBP GBP/JPY EUR/JPY EUR/CHF EUR/NOK EUR/SEK
Current level .7800
161.40 125.90 1.0930 9.4000 9.2700
Major trend Down Flat Flat
Down Up Up
Major targets .6537 / .6242
Trend change level .8062
1.0071 / 0.8599 9.8687 / 10.151 9.9733 / 10.5368
133.45 / 189.66 118.97 / 145.62 1.2033 8.5416 9.0568
84 FX TRADER MAGAZINE April - June 2016
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