Inside the Currency Market: EUR/JPY

EUR/JPY target this morning was 138.91, price achieved so far 138.68 from 138.23. The target is now raised higher to 139.35. EUR/JPY shorts are valid only on a break below 138.55. I will offer the points on a break of 138.55 in case catastrophe strikes the markets but its not likely to happen. China is the problem but we have 5 hours yet to the China open.

Bottom. 137.86. Range break above 139.66, Below 137.45.

Next above for EUR/JPY 138.69, 138.84, 138.91 ( Old target), 138.99, 139.17, 139.26, 139.35. Overbought points begin between 139.26 – 139.35. Severe overbought begins between 140.04, 140.38 and 140.73. Note we have a range above at 139.66. We want a 139.35 target. Watch for a failure before 139.35. The short reversal comes at 139.35 to target 138.20. The China open may change this forecast so don’t be bashful to take profits, I will report again at the open.

A break of 138.55 then short to target 138.20, then the range bottom at 137.86. Points on the way down, 138.42, 138.27, 138.20, 138.03, 137.86.

Brian Twomey, Inside the Currency Market,


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