EURJPY: Approaching its recent high at 135.51

Wednesday, October 30, 20130 comments

EUR/JPY continues to rise after the successful test of the support at 133.61 (18 October 2013 low). A new test of the key resistance at 135.51 is likely underway. Hourly supports can be found at 134.27 (29 October 2013 low) and 133.61.

In the longer term, we favour a further rise towards the strong resistance at 139.22 (05 June 2009 high) as long as the support at 131.15 (08 October 2013 low) holds. However, a sustainable move above this resistance is unlikely given the overall increasing overbought conditions. 
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