Posted on February 18, 2009 at 1:46 in Uncategorized by Ross YamashitaNo Comments »

Hello and welcome back!

We had a nice weekend here and am just catching up with all the markets. Our scan of the markets has pulled up the EUR/JPY.

We first pulled up a daily chart and see that the overall trend seems to be down. We took it down to the hourly (H1) chart for a closer look and have attached the screen capture here.

EUR/JPY

Look for a test of the first trend line at Line 1. If the pair breaks the line and keeps moving up, look for it to test the second trend line at Line 2. At that point, look for a potential reversal to the downside - keeping in mind that it may wick above the line.

Good to see everyone again and we’ll see everyone again shortly.