EUR/JPY Forecast: September 4, 2013

EUR/JPYBIAS: While 130.85-95 supports we should see gains through to 132.16-47 and a later higherResistance: 131.27-38 131.85-90 132.16-47 132.73Support: 130.85-95 130.50-55 129.95-05 129.60-65MAIN ANALYSIS: We saw a sideways day yesterday in what appeareded to be a triangle that should’ve stall above the 130.85-95 area. From here look for gains back above 131.38 to extend to 132.16-47. Take care here and watch for bearish reversal indications. We should see a deep correction of around 130 points. COUNTER ANALYSIS: Only a break above 132.50 would retest the 132.73 high. If seen then note the stronger 133.00 and 133.52-84 projections that should equally generate a much deeper correction of around 130 points.Only back below 130.80 and 130.50 would disappoint and risk losses back through 129.95-05 and 129.60-65 to the 129.30 low.MEDIUM TERM ANALYSIS:4th September: I feel at this point that we have more risk of upside, initially to 132.16-47 followed by a correction of around 130 points. Note that this could turn into a complex sideways consolidation, so take care. Once it is complete we should see further gains above 132.47-73, and back to the 133.81 high, at least.Only back below 130.50 would ruin the bullish outlook. I’m not sure I want to be bearish though so take care.

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