Challenging the strong resistance at
111.44/111.60.
• EUR/JPY’s rise is overextended but, yesterday,
it managed to make new highs. It is now
challenging the strong resistance at
111.44/111.60. Given the general overbought
conditions, we favour a phase of weakness in the
next few days.
• EUR/JPY has moved above its long-term
downtrend (linking the October 2009 top with
the April 2011 top). Monitor the test of the key
resistance at 111.60 (31/10/2011 high).
Short 3 at 111.30, Objs: 110.35/108.10/106.10, Stop: 112.25
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