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EUR/JPY Near strong resistance

Posted on October 26, 2009 at 3:51 in Medium & Long Term Techs by César B. Leiceaga

Eur/Jpy has been range trading since March 2009 (six months) coinciding with the stock market’s lows.

138,80 - 139,30 and 140,00 psychological zone adduces a tough resistance area. A retrace is likely bearing in mind daily studies at extreme overbought conditions. Take a look at Fibonacci levels to help you setup your profit targets if you’re bearish on the pair.

EUR/JPY Daily chart.

César B.Leiceaga

Tags: eurjpy, eurjpy daily chart, eurjpy long term, eurjpy technical analysis, euro, yen

4 Responses to “EUR/JPY Near strong resistance”

  1. on 26 Oct 2009 at 5:05 am1carlab

    Buen día: Creo que estás e lo cierto. De hecho, como el yen es el más débil de todos, estoy largo, contra STG y NZD. Muy arriesgado, pero como en la GBP, tengo esperanza que corrija, al menos a la zona de 134.80

  2. on 26 Oct 2009 at 5:20 am2A-SOLTANI

    DEAR CESAR

    I think there are alternative: six mounth range is ascending triangle from 137.3 to end 129. so we are in strong uptrend that W3 is going to complit around 138 then after correction, W5 will start to push up to 141(fibo50% 170-113,top2003/5).

    the next res. is at 147.7 (61.8% fibo).
    so for trend followers there will be opportunity around 135-136.3 for buy.

    REGARDS

  3. on 26 Oct 2009 at 10:09 am3César B. Leiceaga

    Hola Carlos,

    De momento veo muy débil el YEN a nivel global. Yo tb esperaba que la libra bajara hasta los niveles comentados, pero parece que estan manejando otra vez eurgbp.

    Saludos!

  4. on 26 Oct 2009 at 10:11 am4César B. Leiceaga

    Dear A-SOLTANI,

    I agree on your view, any retracement represents a buying opportunity on eur/jpy.

    Regards.

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