By Mohammed Isah of fxtechstrategy.com
EUR-JPY: Having closed lower Wednesday, the euro-yen cross currency pair followed through to the downside in early trading Thursday, breaking decisively below its pattern base at 132.11 and ending its range-trading phase (clearly seen on the weekly chart). Click here to view a chart of the currency pair. It was seen testing a low of 130.40 below the 130.97 Nov. 1 low. If it remains below that level, it is likely to see further weakness toward 128.98, its Oct. 2 low, and could possibly go even lower. The breakout price target stands at 120.10 (achieved by measuring the width of the range and projecting it from the breakout point). If the pair recovers and moves up again, it will target 132.11 and then 133.72, the Nov. 17 high. After that, the pair will target 135.37, its Nov. 10 high, and then 135.71. On the whole, further losses are expected in coming sessions now that the pair has broken out lower from its symmetrical triangle.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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