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After almost 6 months of consolidation, EURO/YEN broke out of its range last month and continued its up move till the month end and closed in the area of 139. On Monday, the price touched BRN 140 levels and for the next few days price corrected by almost 150 pips. 138.50 was a confluence area since that zone had weekly pivot point and 50% of weekly Fib retracement. Today, the price takes support at this area with a double bottom pattern on 4 hourly chart with second bottom printing a pin bar. This indicates the capping of downside and in the coming days we are likely to see more momentum from the buying end and we can also expect the BRN 140 to be taken out on the upper side. Though the major S/R zone is sitting at 150 levels , first up, we can expect the price to reach 145 levels in the coming weeks.
