Forecast and trading recommendations on EUR/JPY for Octoebr 30, 2014



The cross is trading at 3-week high. The cross managed to breach the 20Wsma, but was unable to sustain above that. In the daily chart, we can see the minor double top at 137.75 levels on a closing basis. On a monthly closing basis, the pair must close above 138.48 levels. In case, if the cross closes below 138.48 we can clearly see the double top formation in the monthly charts representing a downward move towards 135.45 levels. In case, if the cross manages to close above 138.48 the pair can extend its upswing towards 139.40 and 139.90 levels. Including today, we have 1 more trading session left in the current month. In the longer term picture we can see the 131.40 and 129.0 breaks, below this, another steep correction towards 2013 February and March lows. In the current month, the cross erased the 3/4th of its losses. We will re-analyze the chart in case if the pair closes above 138.48 on a monthly closing basis. The Euro is weaker than the Yen.

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