Last 125.80- Appears that strong +ve correlation between EUR/JPY and equities is back. Conclusion from chart here : expect a lot more downside for equities.
- Monthly : Below 126.93 = down.
- Weekly : 10 month inside rectangle consolidation range 126.85/139.18 over. Assuming equi-distance on downside, possible technical objective is 114.52.
- Expect both EUR/USD and USD/JPY to come under downward pressure. Individual charts confirm these conclusions too.
27 January 2010
EUR/JPY : Risk Aversion Proxy Back
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