EUR/JPY Outlook: September, 19 2013

 | Sep 19, 2013 03:53AM ET

EUR/JPY

The cross rallied above near-term congestion top at 132.63 and nearly fully retraced 133.35/131.63 corrective phase. Near-term studies remain positive and see scope for eventual break above 133.35, 11/09 peak, to complete bullish pennant and resume 14-month rally from 94.10 and expose the psychological 134.00 barrier. Overbought hourly conditions, may delay bulls with initial support laying at 133.00, and previous strong resistance at 132.63 is expected to contain deeper pullback.

Resistance: 133.25; 133.35; 133.50; 134.00


Support: 133.00; 132.63; 132.40; 132.00