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EUR-JPY Tightening Wedge Outlook
By Rox Sweetman | July 28, 2008
Recent weeks have seen some great moves on the EUR/JPY cross and good returns too. But the past few sessions have seen some sideways trades without direction.?
Embedded within these bull-bear tug is the appearance of a tightening wedge. The outlook thus presented for the week is a bearish one. See the charts for further overview.
If there is any consolation for now is that we are looking at a possible 170.00 or there about. But the bigger picture points downward hence we are downward bias at the moment to a possible support, S1 level of 167.15 or S2, 165.30.
Our mid-term outlook see a retracement to the 161.80 support seen a few months ago before any significant move upward. We hope to see a possible bounce around this action-zone.
For now, it’s still a wait and see strategy and above all capital preservation from our perspective. A breakdown below the 168.85/70 would see us loading the barrels.
Have a great trading day.
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