Forex Trading News - EURJPY In Channel Heading Toward Support
Posted by Alex Chernomordin on Tue, 07/08/2008 - 3:52am in
The EURO YEN has been trading in a strong channel on the 4hour chart since the lows seen 2 months ago at the 158.58 level. With the 50-day and 100-day moving average converging and the Yen receiving a bid across the board late in Asian trading today, the Euro/Yen has an opportunity to test support at 166.11 level in the short-term, which you can tell it attempted twice toward the end of June but failed to penetrate.
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