EUR/JPY Analysis - Friday 18 December 2009

Flat correction down spiked to a low of 127.40 by the time I am writing this. As Nostromo indicates, we should expect a recovery now with the caveat that there is bearish potential for a fall to 125.72.

Although it cannot be seen from the screenshot below, the level mentioned above is circa the convergence of WS2 and MoS1 (125.70).

On the H4 chart, we can see where EJ briefly plunged and violated the support line.


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