Mourad El Keddani
Overview:
EUR/JPY's subsequent sharp fall suggests that decline from 106.55 a week ago and had resumed to 103.40 (Strong support). It should be noted that the price has still been trapped between 104.70 -- 103.30 and the price has been set below strong resistance at the levels of 104.70. Aswell it is noting that these levels are coinciding between 32.8% of Fibonacci retracement levels on H4 chart and the pair has already formed a strong resistance at this level of 104.70 and it is now approaching from it in order to test it. Therefore Japan Yen will be a downside momentum is rather convincing and the structure of the fall looks is not corrective, in order to indicate a bearish opportunity below 104.70 (You should be noted that the weekly pivot point at 104.70) for that it will a good sign to sell below 104.70 with a first target of 103.30 and it will call for downtrend in order to continue bearish towards 101.92 (11% of Fibonacci retracement levels on H4 chart).
Furthermore, it also have to note that the price at 100.75 will be possible formed double bottom and call for a strong support. So it will be saturation around 100.75/101.00 to rebound the pair, aswell it will probably that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 100.75 with a first target of 102.00 and continue towards 104.50.
Weekly Pivot Point: 104.70
Weekly Technical Levels for November 21st -- 25th, 2011:
http://instaforex.com/forex_analysis/44314/?x=OUE
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