Weekly Chart Analysis: EUR/JPY Large Triangle Setup

• EUR/JPY continues to trade within a large triangle.
• Failure analysis points to a possible break above the channels triangle upper boundary and a move toward 141.67, 2004 high.
• High probability setup points to a move toward the triangle's lower boundary.

Key Levels - Current Price: 137.66

Level      Type           Significance
141.63    Resistance    2004 High
138.26    Resistance    Triangle's upper boundary 
1.3851    Support         23.6 Fib of the 124.31-141.67 EUR rally
135.03    Support         38.2 Fib of the 124.31-141.67 EUR rally
132.99    Support         50.0 Fib of the 124.31-141.67 EUR rally
132.00    Support         Triangle's lower boundary 

Weekly Chart 10-14-05

Daily Chart I 10-14-05

Daily Chart II 10-14-05

Daily Chart III 10-14-05

4 Hour Chart 10-14-05