Back in late April we suggested euro-yen was reaching major Fibonacci support toward 96.00. A rally after a five-wave decline was due. Although it took some time for euro-yen to build a base, this cross has indeed been clawing its way back north since then. We thus thought it time to start anticipating the first target zones of potential short term resistance. They are pictured below.

Chart produced using Advanced GET End-of-Day

By the way, does the above chart remind you of anything? The 5-wave down pattern and completed Fibonacci rhythm pattern is not dissimilar to the bullish Priceline.com chart pattern we pictured earlier this week.

Generally happy days prevail in the capital markets for a while longer -- likely perhaps all the way through June.

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