The Daily Forecaster: EURJPY

Bias: A little mixed but require a break above 151.85-10 to avoid losses below 150.00 for 149.22-44

Daily Bullish

This is certainly not the easiest of wave structures but I still cautiously remain with a bearish view. Only an earlier break above this morning's high at 151.89 and the congestion high around 152.10-20 would appear to suggest the risk of an earlier reversal higher. If seen then look for the upside to make progress for 153.00 initially. I suspect this will hold for a correction. Only above here would maintain the upside for 153.50-60 and 155.00.

Medium Term Bullish

9th September: I still prefer to wait for a move closer to 149.22-27 before looking for a base and only a prior move above 153.40-60 would add to the evidence of an earlier bounce.

Daily Bearish

It hasn't been direct but we have achieved a marginal new low at 150.48 this morning. While the current reaction can remains below the 151.85-152.20 area I still feel the immediate risk remains lower. A move back below 151.20 will assist and suggest a move through to below 150.48 for 149.75-95 at least. Take care once we get below 150 - the maximum downside I see likely to be around 149.22-44. Only if this gives way is there risk of seeing 148.60.

Medium Term Bearish

5th September: Losses have been more aggressive than expected and have reached 150.61. While 154.17 caps there is still risk of additional losses to the 149.22 low at least. Next support is at 148.60….