EUR/JPY Resistance At 122.95
Ian Copsey | May 03, 2016 04:33AM ET
EUR/JPY Intraday Chart
BIAS: We should either see a move up to 122.95-15 for a reversal or a dip to 121.66-95 in a sideways consolidation
Resistance: 122.95-15 123.36 123.61 124.06
Support: 122.32 122.13 121.66-95 121.30-40
MAIN ANALYSIS: The recovery continued over the day to reach 122.90, followed by a pullback to 122.32. A break of either side of the range will provide one of two scenarios:
A move up to 122.95-15 should complete the expanded flat correction from where losses should resume. We can expect USD/JPY to drive this I think...
COUNTER ANALYSIS: As suggested in yesterday's alternative - a break below 122.30 would risk losses in an irregular triangle to around 121.90-95 for one final correction higher. From this high we should see losses 120.38-70… I cannot rule out as deep as 119.90.
Any direct break above 123.25-30 would complicate things, but rather than try and trade about this, I suspect that, because we're due a daily low, we should focus more on looking for a final base...
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