EUR/JPY: Watch For Bearish Reversal Indications

EUR/JPY INTRADAY CHART

EUR/JPY 60 Min Chart

BIAS: I suspect we’ll see a pullback into the 124.02-40 area for losses to resume

Resistance: 123.86 124.02 124.10-40 124.67-77

Support: 123.15-30 122.81 122.55-63 122.15-20

MAIN ANALYSIS: I had trouble in seeing any impulsive decline from 124.02, therefore, it now suggests a second pullback to above 124.02 but likely hold below 124.10-40. If seen, watch for bearish reversal indications for losses to resume. Once below 122.81 we should see the downside extend to 122.55-63 initially and later down through 121.90 and later lower. Overall, I am looking for a Wave iii target around 120.64 thru 120.05.

COUNTER ANALYSIS: Only back above 124.41 could still see as high as 124.67-77 – max 124.91. However, overall note that the downside should soon resume.

Only a direct break below 122.80 would suggest direct losses.

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