EURJPY held resistance at 139.05/15 & the break of 138.70/65 triggered losses as expected to our target & good support at 138.15/10. We advised to
EUR/JPY Spot Daily Forecast - 01 October 2014EURJPY held resistance at 139.05/15 & the break of 138.70/65 triggered losses as expected to our target & good support at 138.15/10. We advised to exit shorts & try longs AND be prepared to add to longs at 137.95/85 with a good chance of a bounce from here. We stated this area could mark the low for the 2 week correction. The pair magically bottomed at 137.90!!! So far so good & an excellent bounce to 138.80 has already provided a potential 70 pip profit. We need to hold above 138.70 to continue higher & target strong resistance at 139.15/20. Exit longs & try shorts expecting a high for the day,with stops above 139.40.
Failure to hold above 138.70 however sees a drift lower to 138.35/30. If we continue lower look for a second buying opportunity at 138.00/90, with stops below 137.65.
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