EUR/JPY has broken its support at 133.61, validating a double-top formation. The implied downside risk is around 131.75. However, the support area implied by 132.65 and the rising trendline (around 132.27) has thus far held. A resistance stands at 133.70 (intraday high).
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.
No comments:
Post a Comment
Please do not enter any spam link in the comment box.