Wednesday, October 14, 2015

EURJPY at a crossroad

The EURJPY pair seems to have a difficult time deciding where to go from here. The pair has formed a really strong and wide channel since the mid of April and is still strictly following it. 

Right now things are technically burning as the pair is trading at the upper triangle line and close to the lower support line. Should it break the resistance at 136.85-137 I'm ready to go long for 147 before the beginning of December. 

On the other hand, if the pair retreats to the support line this would also be a buy opportunity at around 134.50. If it breaks this support, it may try to go as low as 129.50. 

Chart: EURJPY D1


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