EUR/JPY: INTRADAY CHART
BIAS: Look for losses to 136.70-74 for a correction and later to 136.40-51
Resistance: 137.11 137.29-41 137.66-70 138.00
Support: 136.89-93 136.70-74 136.40-51 136.13
MAIN ANALYSIS: The break below 136.95 has implied losses. Currently we are seeing a move down to 136.89-93 and then 136.70-74. This should provoke a correction holding below 137.00-11 from where another leg lower to 136.40-51 should be seen. This low should provoke a deeper correction higher - to the 137.29 high at least.
COUNTER ANALYSIS: A break below 136.30 would risk follow-through to 135.13 minimum and probably 135.88. Also note support at 135.50-60 - also at 13.4.94-18.
MEDIUM TERM ANALYSIS:
27th August: I am finding the balance between USDJPY and EURUSD rather uneven. I am bullish USDJPY but bearish EURUSD so it depends on the relative performance of each. The clear break is below 136.90 which would suggest we have seen an expanded flat Wave iv and maintain the downside to 135.75-00 initially - and later to the 134.94-18 area at least. Also note the 134.30 projection.
If price can hold above 136.90-98 then the original bullish outlook is still possible. We'll need a break above 138.01 to encourage a move through 138.30-43 and to 138.62-80 at least. The highest this could get is probably 139.60.