EUR/JPY To Consolidate With Bearish Bias

http://www.fxfxfx.com 2010-01-22 08:07:13

EUR/JPY to consolidate with bearish bias after hitting 9-month low of 126.71 low this morning. Cross pressured by persistent euro-zone fiscal worries, unwinding of carry trades amid inflamed risk aversion; but losses tempered by positions adjustment before weekend. EUR/JPY daily chart negative-biased as MACD & stochastics bearish, although latter at oversold. Breach of support at 126.89 (Nov. 27 reaction low) this morning to 126.71 low has exposed downside to psychological 126.00 and 125.00 levels, then 124.36 (April 28 reaction low). Resistance at 127.74 (hourly chart), then at 128.36 (previous base set Wednesday) and 129.51 (yesterday''''s high); breach would temper near-term negative outlook, exposing upside to 130.31 (Wednesday''''s high), then 130.71 (Tuesday''''s high), 130.94 (Monday''''s high)

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