EUR/JPY: Bullish Outlook Possible
Ian Copsey | Aug 28, 2014 02:01AM ET
EUR/JPY: INTRADAY CHART
BIAS: Look for losses to 136.70-74 for a correction and later to 136.40-51
Resistance: 137.11 137.29-41 137.66-70 138.00
Support: 136.89-93 136.70-74 136.40-51 136.13
MAIN ANALYSIS: The break below 136.95 has implied losses. Currently we are seeing a move down to 136.89-93 and then 136.70-74. This should provoke a correction holding below 137.00-11 from where another leg lower to 136.40-51 should be seen. This low should provoke a deeper correction higher - to the 137.29 high at least.
COUNTER ANALYSIS: A break below 136.30 would risk follow-through to 135.13 minimum and probably 135.88. Also note support at 135.50-60 - also at 13.4.94-18.
MEDIUM TERM ANALYSIS:
27th August: I am finding the balance between USDJPY and EURUSD rather uneven. I am bullish USDJPY but bearish EURUSD so it depends on the relative performance of each. The clear break is below 136.90 which would suggest we have seen an expanded flat Wave iv and maintain the downside to 135.75-00 initially - and later to the 134.94-18 area at least. Also note the 134.30 projection.
If price can hold above 136.90-98 then the original bullish outlook is still possible. We'll need a break above 138.01 to encourage a move through 138.30-43 and to 138.62-80 at least. The highest this could get is probably 139.60.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.