EUR/JPY Targets 112.50; Challenges the 200-period SMA and 61.8% Fibonacci Retracement

On January 20, 2011, in Forex News, by hypno7777

- The EUR/JPY continues to rally, pushing above the 111.00 resistance, and 50% retracement. The RSI in the daily is also threatening to break above 60, while the RSI in the 4H is tagging 70, suggesting bullish continuation.
- Looking at the 4H chart, a conventional bullish breakout projection points to 112.50. Using wave ratio analysis, we see that this is also an area of 161.

Check out the original source here.

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