EURJPY - Supported by key averages, 130.97 targeted, Friday

Alan Collins 3cAnalysis

Contrary to yesterday's bearish call, demand at the 50/100 day mvg avg area proved more substantial than assessed. Demand grew as the day progressed - to end a sequence of 5 down days – and has moved higher in Asia. Although the market remains below the 13 day line, and is counter-trend, it appears incomplete. Therefore, with caution, our call for this morning is a Buy from 7am London time but leaving room to also Buy any Dip to 130.05, Asia’s open. The risk is 129.55, yesterday's afternoon low, with an immediate target of 130.61, Monday’s Marabuzo line. A move through that point then exposes sentiment to 130.97, the 13 day average, or even 131.26, this week's high.

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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