EUR/JPY Halts Weakness, Looks To Build On Recovery
FXTechstrategy Team | Sep 16, 2015 09:46AM ET
With the EUR/JPY pair pausing its recent corrective weakness to turn higher during Wednesday trading session, it looks to build on that move in the days ahead. While the 134.99 level remains as support, our bias remains higher nearer term. In such a case, further move higher should follow towards the 136.50 level.
Further out, resistance resides at the 137.00 level where a break, if seen, will push the cross higher towards the 138.00 level. Above this level open the door for more recovery towards the 138.50 level. Its daily RS is bullish and pointing higher supporting this view. Support on the hand is seen at the 135.00 level where a break will aim at the 134.50 level. A turn below here will target the 134.00 level with a breach turning focus to the 133.00 level. All in all, the cross now faces upside pressure having halted its weakness.
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