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Chart of the Day – EUR/JPY 17.3.2014
The sharp correction on Thursday has not managed to change the outlook for Euro/Yen. The decline has spent the past two days consolidating and appears to have formed an uptrend that dates back to early February. Also, interestingly, an old pivot level around 140.30 has also held up too. The daily RSI has just unwound to 50 and the shorter moving averages are still rising and supportive. The intraday hourly chart shows that there are some higher lows now in place and resistance at 141.50 is being tested. A move through the resistance would complete a small base pattern.
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