Daily Outlook For EUR/JPY
Ian Copsey | Jun 22, 2016 12:09AM ET
EUR/JPY INTRADAY CHART
BIAS: I suspect we're looking at a triangle - but take care
Resistance: 117.75 118.24-45 118.68 119.00-13
Support: 117.40-45 117.30 116.89 116.20-50
MAIN ANALYSIS: Price is dabbling with the 4-hour Price Equilibrium Cloud - but generally supporting. From what I have seen, it looks like we are (most likely) in a triangle with support at 117.40-45. As long as this supports we should see gains back to the 118.24-45 area. If seen, this will be the penultimate leg of the triangle and thus the 117.60-80 area should support for gains to resume.
COUNTER ANALYSIS: Only below 117.29 would see losses back to 116.89 - take care there but if momentum remains bearish we are more likely to see further losses - noting 115.49-65 and maybe even 114.63-115.00.
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