10th Oct - EUR/JPY Bulls Lack Conviction
10 October 2013
WEEKLY CHART:
Recovery from the 2012 low slowed on the approach to the long term 50% retracement, and has stuck near here for some while. The chart is vulnerable to a corrective phase.
DAILY CHART:
Resistance around the Fibo projection at 134.17 continues to hold for now. A clear break of this is required to spur the bulls onward, and call for higher targets. Interest would be as much in the longer term charts.
Meanwhile the risk is of a slip below the channel base projection around 130.00 which would be the first confirmation of momentum loss.
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