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Forex: EUR/JPY breaks above 113.00

By FXstreet.com,  October 26, 2010, 03:48:00 AM EDT

FXstreet.com (Barcelona) - Gaining bullish momentum in the last hour, the EUR/JPY recently broke above the 113.00 barrier before finding slight resistance around 113.05. The pair however has since consolidated and extends those gains, currently quoting at 113.15 where it tests further resistance at daily highs of 113.20.

Nicole Elliot for the Mizuho Corporate Bank comments: "Really rather dreary, but possibly forming a small 'rounded top'. Look forward to more hard work as we continue within the broad band that has been in place since May."

Elliot continues with the strategy: "Possibly attempt small shorts at 112.75/113.00; stop above 113.95. First target 111.80, maybe 110.65."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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