n mid-week trading the EUR/USD has moved right to the center of the target area: 13900. Between here and 1.4000 some resistance is expected. A swift move through 1.4000 could see moves toward 1.4200 heading into the end of the week and early next week as strong buying continues. Support is now at 1.3800 and 1.3650. Trend remains up.
EUR\/JPY continues to struggle just beyond the resistance (now support) band. Support is at 114.50-114. A move below this band is bearish and indicates a false breakout. A move above 115.50 indicates the target at 117-117.50 is still in play. While the short-term trend is up, given the hesitancy just beyond the longer-term range means these levels mentioned should be watched closely as there is no extremely strong directional bias.
USD\/JPY broke below 83.00, thus keeping the target of (just above) 80.00 in play. Short and longer term trends remain down. A correction above 84.00 would indicate buying interest and a possibly move into 85.00-86.00. A move higher, above this area, would indicate a further rally.
Cory Mitchell, CMT
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