7 March 2001, 16:10 US FX Daily Outlook: Dollar/yen hits 20-month high on Japan talk (part 4)
* EUR/JPY benefited from USD/JPY's gains and climbed to a 7-week high of
112.31. Traders are now eyeing 113.35, the 14 1/2-month high reached on
Jan. 15.
Support: 110.73 (overnight low), 111.02 (38.2% Fibonacci retracement
level of May 1999-October 2000 downtrend), 107.78 (20-day moving average),
106.58 (38.2% Fibonacci retracement level of the January 1999-October 2000
downtrend), 107.62 (60-day moving average), 104.45 (Feb. 20 low), 104.15
(Feb. 16 low; 8-week low), 102.10 (100-day moving average), 99.91 (200-day
moving average).
Resistance: 112.31 (overnight high), 113.35 (Jan. 15 high; 14
1/2-month high), 116.23 (50% Fibonacci retracement level of May
1999-October 2000 downtrend), 116.48 (Oct. 13, 1999, high).
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