RLinda ! EURJPY-> pre-breakout consolidation. What's next?
The dollar strengthened broadly on Friday, affecting the EURJPY as well. The euro/jpy currency pair is renewing local highs and is aiming for the 149,000 zone.
New threats of intervention from the Central Bank of Japan forced investors to be on high alert.
On the global chart we see a global distributive movement after the exit from the 136.9 - 113.3 consolidation. At the moment the currency pair aims to reach the 149,000 zone
On the local timeframe, we see the formation of a resistance zone 147.250. After a prolonged pre-breakdown consolidation, the price is testing the breakdown resistance again. The local trend is ascending and below the local support there is a support zone, which may not allow the price to fall.
I expect a breakdown of 147.250 zone and price growth in the near term
Regards R. Linda!
New threats of intervention from the Central Bank of Japan forced investors to be on high alert.
On the global chart we see a global distributive movement after the exit from the 136.9 - 113.3 consolidation. At the moment the currency pair aims to reach the 149,000 zone
On the local timeframe, we see the formation of a resistance zone 147.250. After a prolonged pre-breakdown consolidation, the price is testing the breakdown resistance again. The local trend is ascending and below the local support there is a support zone, which may not allow the price to fall.
I expect a breakdown of 147.250 zone and price growth in the near term
- The short-term target - resistance of 148.5
- Medium-term target - 149.500 level of 2014
Regards R. Linda!
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