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EUR/JPY: Expect Gains Back To 141.03-26

ByIan Copsey
Published 02/27/2014, 01:27 AM
Updated 07/09/2023, 06:31 AM

BIAS: We should see gains back to 141.03-26 for a final correction lower

Resistance:140.28140.75141.03-26141.70
Support:139.65139.19138.67138.26

MAIN ANALYSIS: Losses overran by 5 points below the 139.70-85 target area. This seems in line with the irregular triangle scenario. Thus, we should now see gains to the 141.03 area at least. We should allow for the 141.26 high if this develops as an ascending triangle. Thus, take care and look for a final reversal from this area into which we should be looking for bullish reversal indications - or a break above 141.26... this should (eventually) imply gains to the 141.70-124.25 area (allow for 142.58) for a correction.

COUNTER ANALYSIS: A break below 139.65 which would risk losses back down to 139.19 and potentially 138.67 and 138.26. However, clearly I'd want to see either the EUR/SD or USD/JPY point to a break lower too.

MEDIUM TERM ANALYSIS:

26th February: I am treating this set back as a possible irregular triangle - this cross having a greater propensity to cause trouble. This would have the 139.70-85 area support but then maintain the consolidation below 141.07-26. If this develops then the higher projection at 141.70 is possible en route 142.85-16.

A break below 139.60-70 would risk slippage to 139.19, and possibly 138.26.

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