The improving sentiment in Greece puts pressure on the Yen to drift to a month low. The Greek government seeks a vote of confidence. We expect no trouble in the confidence vote. The focus has shifted to the Euro group meeting today. The Yen lowered against the Euro at yesterday's session. The prices gave an upside triangle breakout. At yesterday's session, the pair managed to close above 20Dsma. We recommend fresh buying above 135.35 with the targets at 136.10 ,136.50, and 137.00. On the h4 chart, the prices have been making higher lows and higher highs formation. The prices formed a base support between 132.38 and 132.28. The prices are closed and the pair is trading above the hourly moving averages. The intraday support is set at 134.40. We recommend selling only below 134.40 with the targets at 134.00 and 133.70. The panic will be triggered below 133.60. The Euro has a very big day today in the context of two major meetings. In case, if the meetings succeed, then the Yen will slide greatly.
The cross took the 100Dsma support and gave a strong close near the crucial resistance level of 50Dsma. We have been recommending buying at 177.70 and 181.80 with the targets at 182.50 and 184.00 in the near term. The cross made a high at 182.24. The nearest resistance exists at 182.40. In case if the pair closes above 182.40, bulls can challenge towards 184.00 and even 186.80. The Yen's fortune will determined by important meetings in Europe today. In case, if the meetings succeed, the Yen will sink a lot. The weekly resistance is set at 182.45 and support exists at 180.80, 178.50, and 177.60. In case if the prices close above 182.45, the short-term trend turns to positive. The intraweek favors to buy on dips with sl 179.00. We can expect intraday strong momentum above 182.40.
Uitgevoerd door, Analytische expert
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