Euro Runs Out Of Steam As Japanese Yen

Euro Runs Out Of Steam As Japanese Yen Expected To Rise The yen rose for the first time in three days against the euro on concern a U.S. report today may show the nation's jobless rate climbed
to a 26-year high, boosting demand for the Japanese currency as a refuge. Japan's currency advanced to 134.55 per euro at 6:48 a.m. in London from 134.92 in New York yesterday.
The dollar fetched 90.47 yen from 90.71 yen. Trading Tactics Sell EUR/JPY on signs of a head and shoulders formation.
The buying point is at 135.80; previous resistance is the take profit at 138.50; Fibonacci 23.6% is the stop loss at 134.80 The selling point is at 134.77;
Fibonacci 50% is the take profit at 133.75; previous resistance is the stop loss at 135.75 Technical: Euro fails to make a higher high and forms a head and shoulders pattern that gives us a reversal signal. A move back lower could set up a test of 133.75 The following analysis is for information only;
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