Back
5 May 2015
EURJPY: Next leg likely up - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, notes that EUR/JPY has formed a corrective pullback structure, which suggests the next leg is likely up.
Key Quotes
"Last week we talked about buying the EURJPY on a pullback to 131.30. This played out to the pip with the pair pulling back here before launching almost 400 pips higher."
"Since tagging the 'big figure' at 135, the pair has formed a corrective pullback structure, which suggests the next leg is likely up. There is a ST key support zone between 133.63 and 132.78. If this holds, then another attack on 135 seems in order."
"If this fails, then the next place the bids should step in is 131.30. Only a daily close below here negates my bullish bias."
Key Quotes
"Last week we talked about buying the EURJPY on a pullback to 131.30. This played out to the pip with the pair pulling back here before launching almost 400 pips higher."
"Since tagging the 'big figure' at 135, the pair has formed a corrective pullback structure, which suggests the next leg is likely up. There is a ST key support zone between 133.63 and 132.78. If this holds, then another attack on 135 seems in order."
"If this fails, then the next place the bids should step in is 131.30. Only a daily close below here negates my bullish bias."