Today's Support and Resistance Levels:
R3: 132.69
R2: 1.3236
R1: 132.18
Current Spot: 131.89
S1: 131.74
S2: 131.51
S3: 131.12
Technical Summary:
There is no more time left, we are at a make it or break it point. Either the triangle concept is going to hold, by breaking above 132.18 for a continuation higher towards 133.21 and 134.95 on the way to 132.69 or we are going to see a break below support-line, which currently is near 130.90 for a continuation lower towards 127.97 and 120.22.
I still prefer the triangle concept (see the chart above), but will of cause respect if the Market shows me its other hand a breaks below the support line near 130.90, which brings my alternate count into the picture (see the chart below)
EUR/JPY alternate Count
Today's Support and Resistance Levels:
R3: 1.6464
R2: 1.6425
R1: 1.6398
Current Spot: 1.6347
S1: 1.6304
S2: 1.6258
S3: 1.6219
Technical Summary:
The messy and hard to read consolidation is continuing. We did see a break below support at 1.6267 yesterday, which should have caused a stronger downside pressure than we did see. We now have two opposite formations building at the same time and this has become a tuck of war between the bulls and the bears. A break below support at 1.6219 will trigger a S/H/S top formation for a continuation lower towards 1.6071 and 1.5872. However, a break above resistance at 1.6405 will likely trigger a new test of the possible inverted S/H/S neckline near 1.6495 and a break above here should be long term bullish.
eurjpy just broke the first resistence level!!
ReplyDeleteLet see if it hold to more upside!