Sponsors

EUR/JPY: technical analysis - August 23, 2012

Daily Forex Reports | by Forex4you | Thursday, 23 August 2012 13:25 UTC
The EUR/JPY recently broke out of its ascending wedge pattern but the rally has stalled and a pull-back has occurred which could go deeper given the strength of the first leg and reach perhaps to 97.70 where the 50-day MA is situated. After that the wave sequence indicates a strong possibility of an Elliot wave 5 higher re-touching the 99.18 highs to complete the pattern, although its difficult to say whether there will be further gains after that given the weak breakout.



Written by Forex4you

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.

Sponsors

Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.