EURJPY Weekly Forecast Sept 01 2014

Outlook in EURJPY remains cautiously on the downside as long as resistance 138.01  holds on a weekly closing basis , support comes at the 136.63/135.72 levels , to resume the downside trend , sustained trading -weekly closing – below the 135.72 levels should be seen , If seen , the pair will extend losses  towards the 134.00 levels ahead of the 132.19/131.20 levels . At this point I’d expect strong support form 132.19/131.20 levels to contain fall from the 145.74 levels and bring reversal .

On the upside resistance comes at the 138.01 levels , sustained trading – weekly closing – above this level will turn outlook neutral for retesting the 139.27/139.87 . If this important resistance is taken out , expect the pair to flyby towards the 142.40 levels where a breach will turn focus on the 145.74 levels…

In all, as long as resistance 138.01 holds on a weekly closing basis , outlook in EURJPY remains on the downside towards the 135.72 levels and possible lower towards the 134.00/132.19/131.20 levels …Above the 138.01 levels will reverse risks towards the 139.27/139.87 levels before the next move….

EURJPY Weekly Forecast Sept 012014

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