EUR/JPY Outlook: Pair Maintains A Positive
FinFX | Nov 26, 2013 04:48AM ET
EUR/JPY
The pair maintains positive tone, as consolidative phase under fresh high at 137.97 holds above initial support at 137.00, Fibonacci 23.6% of 134.09/137.97reinforced by hourly 55DMA. However, overextended 4-hour studies see potential for extended consolidation, with deeper pullback not ruled out. Extension below 137.00 handle to open 136.50, and a Fibonacci at 38.2% of 134.09/137.97 and 136.00. 50% retracement and 22/11 higher low, near previous high of 20/11, before bulls re-assert. On the upside, clearance of 138.00 psychological barrier and 138.14, and Fibonacci of 161.8% projection is required to resume larger uptrend and expose 138.47 / 70, peaks of 26/10 and 07/08 2009.
Resistance: 137.72; 138.00; 138.14; 138.47
Support: 137.00; 136.49; 136.00; 135.49
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