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EUR/JPY trying to blow the lid off

By   || March 11, 2010 at 18:54 GMT
|| 5 comments || Add comment

EUR/JPY is testing resistance in the 123.90 area, trying to overcome exporter offers ahead of 124.00. Stops must lie just above that level, we’d imagine. The chart looks bullish tough there is a bearish divergence (RSI not confirming price strength)  on the RSI, a modest warning sign.

Expect traders to quickly book profits if EUR/JPY fails at present levels once again…

3-11 eurjpy

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5 Responses to “EUR/JPY trying to blow the lid off”

  1. JR on March 11th, 2010 19:02 GMT

    “The eurozone crisis is now a nightmare for Germany” http://www.ft.com/cms/s/0/47745a3e-2be5-11df-8033-00144feabdc0.html

  2. Fisherman on March 11th, 2010 19:16 GMT

    JR great article. It’s what I have been blabbering all the time: when times were good Germany enjoyed the spoils of the Eurozone by selling everybody stuff. Now, they want their clients to be killed off. Typical…

  3. JR on March 11th, 2010 19:29 GMT

    China and America have a similar relationship, but both countries have more flexibility in their dealings with each other. But can you imagine if China started reverse engineering German goods and flooding Europe with cheap knock offs: say CMWs and Mercedes Chinz’s! :)

  4. Jamie Coleman on March 11th, 2010 19:32 GMT

    The big money exports from Germany are the machine tools China uses to make widgets…Knock off a EUR 5 mln machine and then the Germans have big problems…

  5. Fisherman on March 11th, 2010 21:36 GMT

    Hey guys, remember the time when Japan used to produce low quality products just as China? ;)

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