EUR/JPY: Directly Bullish Or Pullback Higher
Ian Copsey | May 25, 2016 12:14AM ET
EUR/JPY INTRADAY CHART
BIAS: This has two options - directly bullish or a pullback higher and minor new lows (but above 121.47)
Resistance: 122.78 122.95-00 123.40-47 123.70-75
Support: 122.34 122.10 121.75 121.47
MAIN ANALYSIS: I remain neutral for now. I can see a completed correction but there is still the option of a correction higher - holding below 124.04 - and then a 3-wave move back below 122.34 but must remain above 141.47. I tend to favour this but there is a delicate balance between EUR/USD and USD/JPY. There appears to be limited upside in USD/JPY for a correction back to yesterday's lows while EUR/USD should see a reversal higher but will still see resistance from the 4-hour Price equilibrium Cloud...This could therefore prompt the final 3-wave move lower but which would have to remain above 141.47...
COUNTER ANALYSIS: Thus, only a direct break above 124.04 and 124.17 would confirm more direct gains…
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