Near-term structure remains positive, as the price extended recovery rally off 129.28, last Friday’s low, and extended to 131.46 so far. Rally retraced between 61.8% and 76.4% of the 132.41/129.28 descend, with consolidative action being under way. Positively aligned near-term technicals see scope for further rally, and possible full retracement of 132.41/129.28 downleg, with a break above trendline resistance at 132.00 required to signal completion of weekly bullish pennant and resume larger uptrend. Clearance of strong barriers at 132.41/72 is required to confirm and open key 133.78 barrier, 22/05 annual high. The consolidation floor at 130.85 offers initial support ahead of 130.50, previous range tops, where stronger dips should be ideally contained.
Resistance: 131.46; 132.00; 132.41; 132.72
Support: 131.00; 130.85; 130.50; 130.11
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EUR/JPY Outlook: September, 3 2013
Published 09/03/2013, 06:10 AM
Updated 02/21/2017, 08:25 AM
EUR/JPY Outlook: September, 3 2013
FinFX
EUR/JPY
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