Crosses Daily Forecast Oct 19 2017

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EURJPY: Sees Sideways Move!

Outlook in EURJPY has turned neutral at the moment, support comes at the 131.89 levels while resistance comes at the 133.50 levels.

On the upside, above 133.50 will aim the 134.00/134.50 levels ahead of the 136.00 levels. On the downside, below 131.89 will reverse risk to the downside to the 131.35/130.66 levels ahead of the 129.94 levels.

Note: neckline comes at the 133.50 levels, above that level will activate the bullish divergence.

GBPJPY: Consolidates Below Resistance 149.27…

As long as 149.27 resistance holds on a daily closing basis, the GBPJPY remains neutral with risk to the downside to the 147.00 levels, below that level will restore the downside momentum and pave the way to 145.65 levels ahead of 144.17 levels, above 149.27 sees a recovery risk to the 150.96 levels ahead of the 152.85 levels.

 

Note: the pair printed a new support at the 147.89 levels yesterday.This development should push the pair to the upside, but since the pair still trading below static resistance 149.27, it may fail to move higher, anyway, a daily closing above 149.27 is needed to push the pair for further upside gains, alternatively; a failure to hold above the 149.27 levels on a daily closing basis could mean a return to the 149.89 levels where a strong rebound is likely, below that level will aim the 144.00 levels.

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