Mar 31, 2010

FX Path

FX Path

EUR/JPY - Breaks Inverted Head-and-Shoulders Neckline

Posted: 31 Mar 2010 08:06 AM PDT

Price action on EUR/JPY, a daily chart of which is shown, has made a tentative breakout above the horizontal neckline of a well-formed inverted head-and-shoulders formation (a bullish reversal pattern). This neckline resides in the important 125.00 price region. The key initial upside target on this neckline breakout resides in the very significant 127.00 support/resistance area. For more technical analysis on this currency pair, please click here for Wednesday’s (3/31/2010) Chart of the Day.

- James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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