Bounce in EUR/JPY Still Short of Key Resistance
21 October 2011
WEEKLY CHART:
The 2011 downmove recently tested the first of two falling support lines, a tad below 101.00. But how far can the ensuing bounce go?
DAILY CHART:
The current bounce sees our Fibo projection at 97.77stay out of reach for now.
At this stage rallies are not seen as long-lasting.
But note the overhead key resistance area. This includes the 108.00 11-Aug low, which is holding so far, the 109.36 38.2% rebound level, and the old rising support/return line at 109.80 just now.
A breach through this lot should signal a more prolonged recovery phase.
Next story:
Will Gold hold? 
Previous story:
Cotton Remains Close to Key Support