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Deeper Losses Ahead For EUR/JPY

Deeper Losses Ahead For EUR/JPY

EUR/JPY INTRADAY CHART

EUR/JPY Hourly Chart

BIAS: We should now see deeper losses – but still need to establish the foundation waves first

Resistance: 136.38 136.73-95 137.44 137.70-90Support: 135.85 135.50-60 135.05-25 134.79

MAIN ANALYSIS: The move higher stretched to 136.38… a bit high, but something that can happen in this cross. We also now have a double top that should have a minimum target at 135.50-60. This may well provide a correction, but I doubt too deep – and for losses to resume through 135.05-25 and to the 134.79 low…This may be enough for today. However, note lower support at 134.20-39…

COUNTER ANALYSIS: A break above 136.40-49 would look more bullish, but make sure that either EUR/USD or USD/JPY has the capacity to continue higher. If so, then we could see a break above 137.00 to reach the 137.70-90 area. However, if seen, it would suggest the possible peak within a larger degree triangle. Thus observe for bearish reversal indications.

MEDIUM TERM ANALYSIS:22nd October: We have seen steady losses and these should continue for now, towards the 134.20-39 area but later lower – potentially towards 132.00.

Only back above 136.38 and 136.95 would suggest an alternative recovery, but even then, it would be better to remain cautious.

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