(130,15) The EUR/JPY formed as well a small positive day reversal but only a daily closing above 130,60 will support a s/t bottom. We expect the move up after the low at 129,66 to be corrective and still expect a firm test of the 128,80 support line! The indicators of the daily chart are still well negative while those of the s/t ones are mixed this morning suggesting some consolidation/ correction. The tone is negative having formed bullish divergences and in the hourly chart we have already negative reversal suggesting a s/t target at 128,94. While above 129,90 on an hourly closing we could see a retest of the 200 hours line at 130,92. We suggest selling this rebound for a 129 undershooting! We sell a 130,75 overshooting.
Read the full report: EURJPY 08.29
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