EUR/JPY Resistance And Support
Ian Copsey | Jul 27, 2016 12:57AM ET
EUR/JPY INTRADAY CHART
BIAS: While 115.60-96 caps we should see losses resume.
Resistance: 115.60-96 116.15-20 116.40-60 116.86
Support: 114.90-00 114.45 114.05-10 113.80
MAIN ANALYSIS: The expected losses reached the lower of the 114.45-114.85 support area, from where a pullback higher has been seen. From there we have seen a modestly deep pullback, but should hold below 115.60-96 (allow for 116.15-20) for losses to resume back to 114.45 and overall to the 113.37 projection (max 112.85). This will require a pullback of around 120-150 points before losses resume...
COUNTER ANALYSIS: Any direct break above 116.30 and 116.72 would risk deeper gains. Clearly this will require either EUR/USD or USD/JPY (or both) to see robust gains. If seen then look for follow-through to 117.27-46…
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