EUR/JPY Outlook: Pair Continue To Trend Higher
FinFX | Oct 21, 2013 04:07AM ET
EUR/JPY
The pair continues to trend higher after last Friday’s corrective pullback found footstep at 133.59. Regain of 134 handle and break above previous peak at 134.17, would open way towards 134.70, the last obstacle en-route towards near-term target at 134.93, 19/09 peak. Positive technicals on lower timeframes support the notion, as larger picture bulls remain firmly in play for eventual completion of short-term corrective pullback from 134.93 to 131.12, with break here to extend the third wave off 132.62 higher low and focus 135.19, Fibonacci 100% expansion.
Last Friday’s low at 133.59 offers initial support, ahead of 133.31, 17/10 higher low, with stronger dips to be contained above 133.00 handle.
Resistance: 134.70; 134.93; 135.00; 135.19
Support: 133.85; 133.59; 133.31; 133.00
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