Technical analysis of EUR/JPY dated 28.06.2012
The currency pair of EUR/JPY will ascend to 101.609 and then will stop there after breaking and passing the descending trend line. The resistance level of 38.2 of Fibonacci is the reason of the stop of the price in that level. When the price breaks this descending trend and will back toward this line.
When the price reached there, it will stop there (supportive level) and ascend again which is a good opportunity (for buying and entrance to the ascending trend) for using this transformative line. Right now, this EUR/JPY has formed a bottom price in some areas of supportive level. Also, in the daily time frame, some candles with small bodies are formed on 26th and 27th which is the sign of buyers’ wait for lower price. Until when the formed bottom price of 98.773 is kept, we can expect ascend of the price in the chart.