EUR/JPY Should See A General Shift Higher
Ian Copsey | Jul 24, 2014 12:47AM ET
BIAS: We should see a general drift higher
Resistance: 136.85-95 137.23-33 137.50 137.90-08
Support: 136.40 135.87-19 135.60-70 135.37
MAIN ANALYSIS: Price saw a low in the higher support target at 136.35-45. This should now provide a correction higher, although the depth is a little difficult to judge. It could be as low as 137.33-43, so do be aware of the downside risk. However, I tend to prefer a ,move to the 137.90-08 area or as high at 138.75-139.10. Right now the near-term resistance areas are at 136.85-95 and then 137.23-33. The risk is for both to provide a correction. It'll take a break above 137.40 to see gains extend to 137.90-08.
COUNTER ANALYSIS: Any earlier break below 136.40 would risk 136.00-20, break there would suggest extension to 136.60-70 and 135.37.
MEDIUM TERM ANALYSIS:
24th July: The 136.35-45 area held and this should allow a correction up to the 137.90-08 area at least - potential to as high as 138.75-139.10. We should be observant from 137.90 for any bearish reversal indcations as it would imply new lows.
Only above 139.50 would begin to see the larger daily downtrend break down.
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