Weekly Forex Forecast (October 30 – November 3, 2017)
After pushing prices higher by nearly 2,000 pips since April, EURJPY buyers are starting to look exhausted. As a sign that demand is harder to come by at these elevated levels, the pair has carved what appears to be a double top.
That said, without a close below support there is no double top. In the case of the EURJPY, that support level comes in at 131.82. Until sellers manage a daily close (5 pm EST) below it, the Euro cross is range bound between 131.82 and 134.40.
A break lower would have us targeting the 129.30 area. It’s the equivalent of the current 250 pip range when measured from 131.82 support. It’s also the location of former ascending channel resistance from the December 2016 high.
If sellers were also to manage a break below that level, it could signal a more significant reversal. But for now, we need a daily close below the 131.82 handle before further consideration is warranted.
Source: bit.ly/2iJzE8o
That said, without a close below support there is no double top. In the case of the EURJPY, that support level comes in at 131.82. Until sellers manage a daily close (5 pm EST) below it, the Euro cross is range bound between 131.82 and 134.40.
A break lower would have us targeting the 129.30 area. It’s the equivalent of the current 250 pip range when measured from 131.82 support. It’s also the location of former ascending channel resistance from the December 2016 high.
If sellers were also to manage a break below that level, it could signal a more significant reversal. But for now, we need a daily close below the 131.82 handle before further consideration is warranted.
Source: bit.ly/2iJzE8o
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