EURJPY: Grinding higher

Tuesday, October 15, 20130 comments

EUR/JPY has breached the resistance at 133.48. Further short-term strength towards the resistance at 134.95 is favored as long as the support at 132.87 (14 October 2013 low) holds. An initial resistance lies at 134.00. Another hourly support stands at 132.45.

The symmetrical triangle in the daily time frame favors a medium-term positive bias.

In the longer term, we favor a further rise towards the strong resistance at 139.22 (05 June 2009 high) as long as the support at 129.29 (20 August 2013 low) holds. However, a sustainable move above this resistance is unlikely given the overall increasing overbought conditions.
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