EUR/JPY Outlook: September, 5 2013

EUR/JPYThe cross maintains a positive near-term tone as the price broke higher following brief 131.46/130.63 congestion. A fresh high was posted at 131.80, just ahead of 132.00, trendline resistance, clearance of which to signal completion of bullish pennant and open next static resistances at 132.41/72, 23/08 / 24/07 peaks. Near-term technicals are positive and support further gains. Initial support and previous range top at 131.46, holds for now, with next supports laying at 131.25, 55DMA, 130.84. A Fibonacci at 61.8% of 129.28/131.80, and key near-term support at the 130.63 consolidation range floor are also near 50% retracement. Losses of which would sideline near-term bulls. Resistance: 131.80; 132.00; 132.41; 132.72 Support: 131.46; 131.25; 131.00; 130.63


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