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Daily Forecast For EUR/JPY: June 25, 2013

ByIan Copsey
Published 06/25/2013, 01:43 AM
Updated 07/09/2023, 06:31 AM
USD/JPY
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EUR/JPY
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BIAS:

While 128.40-70 caps, we should see losses to 126.80 and 125.55-75

Resistance: 128.40-70 129.20 129.60 129.90
Support: 127.85-95 127.05-27 126.80 126.35

MAIN ANALYSIS: Losses were seen yesterday,although the low eluded me. There is still downside to come and this should see the 128.40-70 area cap (max 129.20) for losses to resume back to yesterday's 127.27 low, and allow for the 127.05 corrective low and possibly even 126.80. Down in this 126.80-127.27 area we should see a correction and once complete, should then see price extend to the 125.55-75 area at least. If USD/JPY begins to break down also then allow for the 124.95-16 lows. From one of these target areas we should see a modestly deeper correction.

COUNTER ANALYSIS: Only back above 129.20 would risk a move back towards the 129.90 high. Perhaps then I'd have to reconsider the possible recycling to the 130.70 and 131.28-60 areas.

MEDIUM TERM ANALYSIS:
June 24: Friday's deeper correction is pushing this towards the irregular triangle scenario that would see losses down to the 125.55-75 area - maybe even the 124.95 low.

Only back above 130.00 would help resurrect the 130.70-90 target and later 131.50-00 in an expanded flat correction - but then head lower.

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