Break Out's on the EURCAD & EURJPY

Good Evening Ladies & Gentlemen,

Below are the daily charts for the EURCAD and the EURJPY both presenting potential set-up opportunities.

The EURCAD having just broken through the trendline, is approaching a support level together with a RN. Price has been in a down trend since the beginning of this year. We may see a break down and continuation or price may find support difficult to penetrate and bounce back up. Either way ESLT would be highly appropriate here.














The EURJPY daily chart below demonstrates price arriving into a squeeze formation. The longer term trend is down with price move upwards since the beginning of 2009. This could be viewed as a big move up, pause (at a Fib breather level) and a potential equal move up. Alternatively if price decides to resume the longer term downtrend then we will see a break down at some stage.















Good Trading!
Bijal Shah