EUR/JPY: Little Room Left Before Reversal
Ian Copsey | Sep 09, 2015 11:49PM ET
EUR/JPY INTRADAY CHART
BIAS: We should now be closer to the final high
Resistance: 135.19-38 135.75 135.94 136.23-35
Support: 134.70-75 134.30-35 133.76 133.35
MAIN ANALYSIS: Price reached the 134.65-70 area and even up to 135.19. There is now very little room left before this reverses. It could be as low as the 135.25-35 area but allow for 135.70-80. We have a strong hourly bearish divergence. Thus, take care. A break back below 134.23-30 would break the last corrective lows to confirm the reversal. Still take care in case there is a correction. Below 133.76 would assist the downside and eventually retest the 132.22-32 area.
COUNTER ANALYSIS: Above 135.90-00 would really, really frustrate… and may indicate a move back to the 139.00 high, although I can't see justification for this. En route, the 137.00-10 area provides resistance.
MEDIUM TERM ANALYSIS:
25th August: Yesterday's losses scrapped the bullish outcome and therefore tends to suggest larger losses. Whether this develops directly is less certain, and I'd actually prefer to see a sideways move for a while before the larger decline resumes…
28th August: This is developing well and should make it down to the 129.50-00 area...
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