Breather for previous Euro strength, renowned strength of Yen
Last week's last trading day, we've seen the Euro -- after its extensive pushes -- take a rest before any possible strengths to come. Along with this was Yen's upside push due to impressive economic data.
As drawn, which is best viewed at 1-hour chart, we can see that prices have fallen below the 200 sma (I use this as a basis for possible early entry for trend reversals) after forming a double top at the weekly resistance. As shown at the 1-hour chart, EURJPY have been continuously stomping towards the bottom of the ascending trend line. Breakage of this may result to a revisit of the broken descending trend line (after it breaks the temporary resistance around 122.60 area).
As drawn, which is best viewed at 1-hour chart, we can see that prices have fallen below the 200 sma (I use this as a basis for possible early entry for trend reversals) after forming a double top at the weekly resistance. As shown at the 1-hour chart, EURJPY have been continuously stomping towards the bottom of the ascending trend line. Breakage of this may result to a revisit of the broken descending trend line (after it breaks the temporary resistance around 122.60 area).
