EUR/JPY Outlook: September, 2 2013

EUR/JPYThe pair remains in near-term sideways mode, with the price attempting at the upper border of 129.28/130.54 range. The price recovered quickly after last Friday’s dip below 129.64 that posted fresh one-week low at 129.28, with Monday’s gap higher opening. Freshly established positive tone on the hourly chart is supportive for a possible attempt through strong barrier at:

  • 130.50, range top
  • 55DMA
  • Daily Ichimoku cloud top

– break of which to signals stronger correction of 132.41/129.28 downleg and exposes 130.85/131.21, Fibonacci 50% / 61.8% of 132.41/129.28. From the other side, weak 4-hour conditions, would keep the downside vulnerable, with violation of 129.64/28 lows, expected to trigger fresh weakness towards higher platform at 128.00 zone. Resistance: 130.53;130.85; 131.00; 131.21 Support: 130.00; 129.77; 129.28; 129.00


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