EURJPY rocketed in the second 2 weeks of September but collapsed last week to lose 50% of the gain. We have stablised over the past 2 sessions but will
EUR/JPY Spot Daily Forecast - 30 September 2014EURJPY rocketed in the second 2 weeks of September but collapsed last week to lose 50% of the gain. We have stablised over the past 2 sessions but will only look more positive above immediate resistance at 139.05/15. Be ready to go with a break higher to target 139.42/45. Exit longs & try shorts here with stops above 1.3960. If we can reach as far as 1.3970/75 try shorts again with stops above 139.90.
Failure to hold above 138.70/65 keeps the market under pressure & targets the 2 week low at 138.40/35. Obviously this is key but a break lower looks increasingly likely for this week & would target good support at 138.15/10. Exit shorts & try longs BUT be prepared to add to longs down at 137.95/85 with a good chance of a bounce from here at this stage. This area could even mark the low for the 2 week correction.
FX Empire editorial team consists of professional analysts with a combined experience of over 45 years in the financial markets, spanning various fields including the equity, forex, commodities, futures and cryptocurrencies markets.
