Daily Outlook For EUR/JPY
Ian Copsey | Jul 20, 2017 12:35AM ET
EUR/JPY INTRADAY CHART:
BIAS: I suspect an expanded flat back to 129.74-00 for losses to resume
Resistance: 129.05-10 129.25 129.40-55 129.74-00
Support: 128.48-57 128.23 127.85 127.44
MAIN ANALYSIS: We didn't see the gains I had expected but instead losses to just below 128.59. As far as I can see, this appears to be an expanded flat that should see gains back to the 129.74 high and just above. Watch for bearish reversal indications for losses to then form a 5-wave decline back below 128.48.
COUNTER ANALYSIS: Any earlier break below the 128.48 low would trigger deeper losses.
Only a break above 130.76 would trigger stronger gains.
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