EURJPY Headed Lower

by Ashraf Laidi

May 21, 2009 16:22

EURJPY daily performance can be summarized as the inability to break a gradually declining trend, especially highlighted by the lower highs since April. Note that the last peak of May 10th coincided with the peak in the S&P500 and other major indices, which was followed by a 700-point slide in the ensuing 7 session. The Tuesday and Wednesday failure to regain the 131.80 resistance (61.8% retracement of 134.75-126.92) is now translating to deeper lows, which in the 3-hr chart call for 129.30-00. Subsequent target stands at 127.20, with rebounds capped at 132.00. Prolonged yen strength has more weight than euro weakness on the pair.

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