EUR/JPY Outlook: A Recovery Rally
FinFX | Aug 15, 2013 04:04AM ET
The pair maintains positive near-term ton, as recovery rally from 127.99 low consolidates near 130.00 handle, following extension to 130.65 so far, with 20/55DMA’s holding the downside. Resumption of recovery rally requires break above 130.65, to open 131.00, psychological barrier, also bear-trendline off 132.72 and Fibonacci 76.4% retracement. Higher base at 129.70 offers solid support and only break here would delay bulls for extension towards 129.00, Fibonacci 61.8% of 127.96/130.65 ascend.
Res: 130.35; 130.65; 131.00; 131.54
Sup: 129.70; 129.30; 129.00; 128.60
Source: FinFX Daily Market Outlook (www.finfx.fi)
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