EURJPY has been consolidating at the key support area @131.840 since the end of Sept and it’s beginning to look more like a rising wedge. I’m waiting to see if it will close below Thursday’s low at 131.84 on the Daily chart and this area also served as resistance in mid-September and later attracted buyer’s on 25 and 26 Sept. The 132.30/50 zone is the resistance area, but a daily close below 131.84 would confirm the break and open to the 128.40 support area. Alternatively, if bulls step in, the pair might go to resistance at 132.30/50 with a break above, taking us to the 133.50 area.

EURJPY - ON EDGE OF KEY SUPPORT - 9 OCT

Source: MARYNA

2 thoughts on “EURJPY – ON EDGE OF KEY SUPPORT”

  1. Bruk Teffera says:

    i feel like its going to be a pop n drop considering the oversold conditions and Usdjpy under pressure to the downside considering NFP numbers

  2. Hadyn S. says:

    The fundamentals are somewhat similar between these troubled souls. Both are discussing how they can taper without appreciating their currencies……LOL. However, one thing is clear, the pair is still in a strong bullish trend, and it has retraced nicely, and is now oversold at support. That’s what us Bulls are looking for. Nice set up Maryna!!!

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