EUR/JPY INTRADAY CHART
BIAS: We should now see a whippy end to the current decline
Resistance: 130.90-10 131.40-45 131.65-75 132.04
Support: 130.52-65 130.33-45 130.00-10 129.60-65
MAIN ANALYSIS: This has been a rather strange decline but having reached this low, we should be close to an intermediate low. This should see the first half of the day reaching down to 130.52-65 for a correction to around 130.90-10 approx - and from here we should see losses to 130.33-45. Here we are likely to see a correction back to the same resistance area - 130.90-10 - that would suggest the final leg lower can reach to around the 130.00-10. Allow for a small margin below. Watch for bullish reversal indications for a correction of the decline from 132.26.
COUNTER ANALYSIS: If there is any earlier break above 131.20 and 131.40-45 then it may suggest a recycling back to the 132.26-60 area…
MEDIUM TERM ANALYSIS:
17th November: We are moving lower nicely but there is quite a wide range in which this decline can stall. The bare minimum is at 129.60-65 but has potential to 129.00-10 and even as deep as 128.25-50.
Only back above 132.23 and 132.75 would risk a deeper correction...