EURJPY Weekly Forecast May 19 2014

The EURJPY  maintained a bearish momentum last week , topped at the 140.94 levels , and bottomed at the 138.77 levels .Now pressure will be on the key support 138.77…

The EURJPY will have to hold below the 138.77  levels on a weekly closing basis to push the market for further downside losses , If seen , It will target the the 137.40  levels , a halt is likely , but losing the 137.40  levels on a weekly basis will open 135.70  levels, further downside will aim the 133.70  levels.

Alternatively ,  a failure to hold below the 138.77  levels on a weekly closing basis could mean a return to the 140.09/140.94 levels , a halt is suggested , but break of 140.94  on a weekly basis will recapture the 143.78  levels , If this resistance is taken out , expect the pair to strengthen further towards the 145.68  levels..

In all, as long as resistance 140.94  holds on a weekly closing basis , outlook in EURJPY  remains on the downside towards the 137.40  levels  ahead of the 135.70  levels. Break of the 140.94  levels on a weekly basis will reverse risks towards the 143.78 / 145.68 levels..

EURJPY Weekly Forecast May 19 2014

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