EUR/JPY: Focus On Dip Buying
3cAnalysis | Sep 16, 2014 06:54
EURJPY posted the 2nd most positive week for the year last week, investors buying the market from close to August 2014 base at 135.72. However with daily sentiment overstretched, this week’s call is to stay long and buy dips. Monday’s trading has attracted profit taking selling, but despite losses of ¾ Big Fig there is no bearish reversal pattern and a sequence of higher daily lows remains intact.
With this in mind, but with signals cautious, the outlook for Tuesday is to buy modestly on the open and then at 138.52, today’s low in Asia, with a stop loss at 138.24, Friday’s base. Targets are to 139.00, 139.31, yesterday’s 13 week high and 140.11, June’s top.
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