Monday, June 12, 2017

DAILY OUTLOOK FOR EURJPY

INTRADAY CHART
BIAS:       I suspect we'll see a pullback into the 124.02-40 area for losses to resume

Resistance:   123.86          124.02     124.10-40     124.67-77

Support:        123.15-30     122.81     122.55-63     122.15-20

MAIN ANALYSIS:               I had trouble in seeing any impulsive decline from 124.02... Therefore, it now suggests a second pullback to above 124.02 but likely hold below 124.10-40. If seen, watch for bearish reversal indications for losses to resume. Once below 122.81 we should see the downside extend to 122.55-63 initially and later down through 121.90 and later lower. Overall, I am looking for a Wave iii target around 120.64 thru 120.05.

COUNTER ANALYSIS:     Only back above 124.41 could still see as high as 124.67-77 - max 124.91. However, overall note that the downside should soon resume.

Only a direct break below 122.80 would suggest direct losses…

Good trading
Ian Copsey

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