EURJPY: Struggling thus far near the resistance at 133.48

Monday, October 14, 20130 comments


EUR/JPY has successfully tested the support implied by the rising trend line and has broken its declining trend line. Even though prices have thus far been unable to hold above the resistance at 133.48, further short-term strength towards 134.95 is favored. An 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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