EURJPY: Medium Term Upside Intact Despite Consolidation

[FXTechstrategy Team]

EURJPY- We are looking for EURJPY to eventually recapture the 133.81 level on ending its consolidation. This if seen will resume its broader medium term. As long as it holds and trades above its medium term rising trendline presently at the 126.51 level, this view remains valid. A violation of the 133.81 level will target additional upside towards the 104.00 level. Alternatively, on continued weakness, the 130.00 level will be aimed at followed by the 129.00 and then the 128.26 level. All in all, the cross remains biased to the upside in the medium term.

 

[fx4ever]

EURJPY- We are looking for EURJPY to eventually recapture the 133.81 level on ending its consolidation. This if seen will resume its broader medium term. As long as it holds and trades above its medium term rising trendline presently at the 126.51 level, this view remains valid. A violation of the 133.81 level will target additional upside towards the 104.00 level. Alternatively, on continued weakness, the 130.00 level will be aimed at followed by the 129.00 and then the 128.26 level. All in all, the cross remains biased to the upside in the medium term.

I think an ending diagonal is still valid. If it happen than we can see another up to 135.00 level before the expected fall. 130.00 level is strong support. So I am holding my longs and target 134.00 as wave E of ending diagonal still not completed.