Daily Forecast - 29 September 2014

EURJPY Spot

EURJPY rocketed in the second 2 weeks of September but collapsed last week to lose 50% of the gain. Today we are recovering but will only look more positive above immediate resistance at 139.05/15. Be ready to go with a break higher to target 139.42/45. Exit longs & try shorts here with stops above 1.3960. If we can reach as far as 1.3970/75 try shorts again with stops above 139.90.

Failure to beat immediate resistance at 139.05/15 sees a drift lower to 138.70/65. A bounce from here possible on the first test today but below here targets the 2 week low at 138.45/35. Obviously this is key but a break lower looks increasingly likely & would target 138.15. Exit shorts & then try longs at 137.95/85 with a good chance of a bounce from here at this stage.


AUDJPY Spot

AUDJPY

AUDJPY in a strong 3 week bear trend but has bounced aggressively off 9508 today. We could reach as far as strong resistance at 9590/95. Exit longs & try shorts with stops above 9615. An unexpected break higher however sees 9595/90 act as support for a move towards 9640/50. Again exit longs & try shorts with stops above 9670.

There is a good chance we will be unable to beat 9590 keeping the outlook negative for a return to last week's low at 9540/35. Today's low is 9508 so a break below here should trigger stops & targets important key weekly support at 9470/65. It is possible we see a low for the week here, despite the strong bear trend. Exit shorts & try longs with stops below 9430.


GBPJPY Spot

GBPJPY

GBPJPY in a longer & short term bull trend. Last week however we paused for breath. Immediate trend line resistance coincides with last week's high at 178.60/70. This needs to be broken therefore for a chance to re-start the bull trend & retest September highs at 180.60/66.

Immediate support is 176.35/45 for a buying opportunity with stops below 176.00. Go with a break lower however as we could then target 175.25/00. Exit shorts & try longs with stops below 174.50.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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