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Daily Outlook For EUR/JPY

Published 06/22/2016, 12:09 AM
Updated 07/09/2023, 06:31 AM

EUR/JPY INTRADAY CHART

EUR/JPY 60 Min Chart

BIAS: I suspect we're looking at a triangle - but take care

Resistance: 117.75 118.24-45 118.68 119.00-13
Support: 117.40-45 117.30 116.89 116.20-50

MAIN ANALYSIS: Price is dabbling with the 4-hour Price Equilibrium Cloud - but generally supporting. From what I have seen, it looks like we are (most likely) in a triangle with support at 117.40-45. As long as this supports we should see gains back to the 118.24-45 area. If seen, this will be the penultimate leg of the triangle and thus the 117.60-80 area should support for gains to resume.

COUNTER ANALYSIS: Only below 117.29 would see losses back to 116.89 - take care there but if momentum remains bearish we are more likely to see further losses - noting 115.49-65 and maybe even 114.63-115.00.

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