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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