Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EUR/JPY Should See A General Shift Higher

Published 07/24/2014, 12:47 AM
Updated 07/09/2023, 06:31 AM

EUR/JPY 60 Min Chart

BIAS: We should see a general drift higher

Resistance: 136.85-95 137.23-33 137.50 137.90-08

Support: 136.40 135.87-19 135.60-70 135.37

MAIN ANALYSIS: Price saw a low in the higher support target at 136.35-45. This should now provide a correction higher, although the depth is a little difficult to judge. It could be as low as 137.33-43, so do be aware of the downside risk. However, I tend to prefer a ,move to the 137.90-08 area or as high at 138.75-139.10. Right now the near-term resistance areas are at 136.85-95 and then 137.23-33. The risk is for both to provide a correction. It'll take a break above 137.40 to see gains extend to 137.90-08.

COUNTER ANALYSIS: Any earlier break below 136.40 would risk 136.00-20, break there would suggest extension to 136.60-70 and 135.37.

MEDIUM TERM ANALYSIS:
24th July: The 136.35-45 area held and this should allow a correction up to the 137.90-08 area at least - potential to as high as 138.75-139.10. We should be observant from 137.90 for any bearish reversal indcations as it would imply new lows.

Only above 139.50 would begin to see the larger daily downtrend break down.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.