EUR/JPY: Corrective Pullback, Next Leg Likely Up
Second Skies | May 05, 2015 02:47AM ET
EUR/JPY – Corrective Pullback, Next Major Leg Likely Up (1hr chart)
Last week we talked about buying the EU/RJPY on a pullback to 131.30. This played out to the pip with the pair pulling back here before launching almost 400 pips higher.
Since tagging the ‘big figure‘ at 135, the pair has formed a corrective pullback structure, which suggests the next leg is likely up. There is a ST key support zone between 133.63 and 132.78. If this holds, then another attack on 135 seems in order.
If this fails, then the next place the bids should step in is 131.30. Only a daily close below here negates my bullish bias.
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