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06.11.2007 - Technical Analysis: End of the corrective movement on the EURJPY

  • Description

Date: 2007-11-06 11:55

I believe that the corrective movement on the EURJPY market has come to an end and investors could count on the bulls to reign once more, at least for some time.


Market: EURJPY
Interwal: H1
Levels:
Support – 164.94
Resistance – 167.13, 167.25

Description:

The current corrective movement (Pic. 1, AB) has reached the level where it has become equal to the previous correction (Pic. 1, XY) and has began to rise. A confirmation to this will be the breaking of the 167.13 level. After this level is broken I believe that the market movement could reach the boundaries of the July top on the level of 168.93.

You should keep in mind that the candlestick or candlestick formations breaking the mentioned level have to be observed in order t understand the markets emotions at this meaningful moment.

Pic.1

Pic.2


Omar Arnaout