EUR/JPY Update: Correction extends

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23 MAY 2018

A much deeper correction is expected now that the intraday support at 129.20 has been taken out convincingly. 126.30 (cloud support) and 123.40 are the next levels to watch out for on the longer term.

Interestingly, intraday down side projections come in at 123.95 which is roughly equal to the weekly support cluster, making it particularly reliable.

  • Near term trend: negative
  • Long term trend: neutral
  • Outlook: extended correction, possible long-term bearish reversal
  • Strategy: trading short or avoid
  • Support: 126.30 / 125.40* / 123.95*
  • Resistance: 131.20 / 132.25+
  • Outlook cancelled/neutralized above 131.20

420-minute Intraday chart EUR/JPY

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