EURO/JPY--- TO DRIFT BELOW 100.00 NEAR TERM ??

The imminent weakness and Strengthening Yen has enhanced the possibility of  hitting 100.00 level  for EURO/JPY  near term. Please refer to my  previous postings on Fundamental and Technical Analysis on YEN and Euros.

E/J H4 CHART 

E/J DAILY CHART

E/J WEEKLY CHART

Technical Analysis and Trading Strategy


On Daily chart, its next support 108.05 (Support 2 on Daily Chart) looks vulnerable, and its next support near 107.53 (Support 3 on Daily chart ), or its 1.2700 Fibo Extension near 107.73 are two CRITICAL SUPPORT LEVELS.
Breaching convincingly 107.50 shall send this currency towards it psychological  100.00 level near term ( Please do note that 88.78 is the low in October, 2000)
NOTE: Current technicals look extreme Bearish for this currency pair.


SELL DOWN THIS CURRENCY PAIR with tight stops /Trailing Stops (Just be cautious on the possible currency intervention from BOJ)


On the Upside, On H4, LIFTING ABOVE 109.92 resistance (61.8% Fibo), shall expose 110.40 ( 50% Fibo retr), also near the Ichimoku cloud bottom resistance. 
111.55 shall be capped near term (Ichimoku top cloud resistance )and also near the 23.8% Fibo Retr. during  Reversal.