EUR/JPY once again failed to break below the important short-term support at 135.00, this may lead to a new short-term spike higher to 136.00 before renewed downside pressure is seen, but we remain convinced that it’s only a matter of time before the important short-term support at 135.00 is broken for real and a decline towards 131.11 is developing.
In the longer term, we will be looking for a decline to 123.43 to complete wave (E) of the huge triangle formation, that has been building since July 2008.
We are short EUR from 134.75 with our stop placed at 136.75
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Torben Melsted,
InstaForex Group © 2007-2018
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