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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Stoctrash who wrote (10830)12/6/2008 12:36:32 AM
From: John Pitera  Read Replies (1) of 33421
 
I'm looking for a multi week rally in the EUR/JPY if not the bottom for the next 12 months...... We do have changes brewing in the currency markets.

Part of what has confused the currency markets is the capitulation of various central banks to really get aggressive in lower benchmark short term rates, coupled with the quantitative central bank easing that appears to be occurring in several countries.

I would seriously be expecting Eur/JPY to be moving at least back to 130 from this 118.27 level and we will have to examine the momentum and wave structure to tell us if this is a bigger low in the extremely important EUR/JPY.

I did make several posts on this thread talking about the double top in the EUR/JPY at 1.70 that occurred during the late spring- summer of 2008. And I said it was bearish for the EUR on the cross.

John
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