EURJPY Weekly Forecast Sept 22 2014

Despite the strong bullish move , outlook in EURJPY  has turned neutral with risk to the upside , support comes at the 138.46 levels , a failure to hold below the 138.46  levels on a weekly closing basis could mean a return to the 141.21  levels , a break will resume the whole rise  towards the 142.50  levels , a halt is likely , but breaking  the 142.50  levels will continue gains  towards the 143.60/144.80 levels.

On the downside  , support comes at the 138.46  levels (main) , sustained trading – weekly closing  – below the 138.46  levels will put the pair in   consolidation mode , but downside  move below  the 138.46  levels should be contained well by the 135.87  levels..

In all , as long as support  138.46  holds on a weekly closing basis , outlook in EURJPY  remains on the upside  towards the 141.21  levels , and possible higher  towards the 142.50  levels , below the 138.46  levels will bring consolidation  within 138.46/135.87  range  before the next rise.

 

Conclusion :

Time Frame : Weekly

Bullish Mode : Above 138.46

Consolidation Mode: Below 138.46

Bearish Mode : Below 135.87

 

EURJPY Weekly Forecast Sept 22 2014

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