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    EUR/JPY Elliott Wave Analysis for July 2 - 2012

    The daily chart structure remains bullish as the Index is approaching the resistance zone of 97.57, the level which is the key one for the current trend development. If USDX achieves that high, it would be expected to test the resistance level of 98.29. Also, bear in mind that the 200 SMA is still pointing to the upside.


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    The USDX is currently breaking the resistance (now support) level of 97.21, looking for the next target around 97.53. There, we should expect another breakout after a higher high pattern formation in the H1 chart. in case of success, it could reach the next resistance around the 97.72 level. The MACD is at positive territory.


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    Daily chart's resistance levels: 97.57 / 98.29

    Daily chart's support levels: 96.57 / 95.74

    H1 chart's resistance levels: 97.53 / 97.72

    H1 chart's support levels: 97.21 / 96.86

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks out with a bullish candlestick; the resistance level is at 97.53, take profit is at 97.72, and stop loss is at 97.34.

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