13 Dec 2013
EUR/JPY just above 142.62 3rd wave resistance; possible 4th wave target 138.65
FXstreet.com (Barcelona) - EUR/JPY finally appears to be at a point where a fourth wave correction should theoretically commence with a possible projected downside target of 138.65.
EUR/JPY traders have to rely on technicals for the most part Friday
The very light schedule of data releases Friday in Japan and Europe will have EUR/JPY traders focused on technicals and risk sentiment for directional guidance. The limited data to be released Friday include:
• Japanese Industrial Production & Capacity Utilization
• German Wholesale Prices
• and EuroZone Unemployment data
Technical outlook for EUR/JPY
Technicians say the EUR/JPY may now be ready to commence a fourth wave correction with support starting at 138.65 (the first Fibonacci retracement of the most recent up move). Below that, additional support comes in at the 12/4 low of 138.42. The upside target once the correction runs its course – should it occur in the first place - comes in at 142.62. If the fourth wave correction does not commence now / soon, the EUR/JPY could continue to points north or 145.
EUR/JPY traders have to rely on technicals for the most part Friday
The very light schedule of data releases Friday in Japan and Europe will have EUR/JPY traders focused on technicals and risk sentiment for directional guidance. The limited data to be released Friday include:
• Japanese Industrial Production & Capacity Utilization
• German Wholesale Prices
• and EuroZone Unemployment data
Technical outlook for EUR/JPY
Technicians say the EUR/JPY may now be ready to commence a fourth wave correction with support starting at 138.65 (the first Fibonacci retracement of the most recent up move). Below that, additional support comes in at the 12/4 low of 138.42. The upside target once the correction runs its course – should it occur in the first place - comes in at 142.62. If the fourth wave correction does not commence now / soon, the EUR/JPY could continue to points north or 145.