Sights Set HIGH for EURJPY?!
Updated
Here I have EURJPY on the Daily Chart!
Currently you can see price back up at the Resistance Area of ( 164.3 - 165.3 ) after having tested the Rising Support 4 times with each time successfully having Strong Bullish reactions ... this Price Action has formed what looks to me to be a Bullish Triangle Pattern!
Fundamentally, there's a lot to unpack but with JPY trading down at its 34 Yr Lows and the ECB looking at Rate Cuts soon .. Fundamentals could play a key sticky role!
- EUR has their Final CPI and Final Core CPI y/y tomorrow morning followed by Lagarde Speaking so lets see how things begin to play out!!
Technically, with this potential Bullish Triangle we are looking for continuation of this markets trend prior to entering this pattern! Back in Dec. '23, price made quite a Bullish Recovery off the 200 EMA and has shown great Bullish Momentum thus far!
*If Price gives a solid Break and Close ABOVE the Resistance Area, this could give us a good area of potential Buy Entries
-Beware of FALSE BREAKS!!
*If Price Breaks and Closes BELOW the Rising Support, I'm no longer interested in looking for Buying Opportunities!
Currently you can see price back up at the Resistance Area of ( 164.3 - 165.3 ) after having tested the Rising Support 4 times with each time successfully having Strong Bullish reactions ... this Price Action has formed what looks to me to be a Bullish Triangle Pattern!
Fundamentally, there's a lot to unpack but with JPY trading down at its 34 Yr Lows and the ECB looking at Rate Cuts soon .. Fundamentals could play a key sticky role!
- EUR has their Final CPI and Final Core CPI y/y tomorrow morning followed by Lagarde Speaking so lets see how things begin to play out!!
Technically, with this potential Bullish Triangle we are looking for continuation of this markets trend prior to entering this pattern! Back in Dec. '23, price made quite a Bullish Recovery off the 200 EMA and has shown great Bullish Momentum thus far!
*If Price gives a solid Break and Close ABOVE the Resistance Area, this could give us a good area of potential Buy Entries
-Beware of FALSE BREAKS!!
*If Price Breaks and Closes BELOW the Rising Support, I'm no longer interested in looking for Buying Opportunities!
Note
PMI numbers are in!! French and German Manufacturing coming in COOLER than expected with SERVICES coming in HOTTER than expected!
With this news, Price has found strength to Break the Bullish Triangle Pattern to the UPSIDE!!
- Flash Manu/Serv. PMI due in 22 min .. will this be the BREAKOUT we were looking for or will we get a FAKEOUT?!
Note
Flash PMI followed suit with MANUFACTURING coming in COLD and SERVICES coming.im HOT! -Lets see what USD PMI'S come in at!
Note
Negative PMI readings for USD is just what this trade idea needed!!- With results coming in MUCH COOLER than forecasted showing some significant contractions in both Services and Manufacturing, we are seeing USD lose all strength!
What does this mean for EJ??
-With the USD showing weakness, this allows EUR to gain some spotlight attention!
Note
Yesterday gave us a strong Daily close above the Resistance Zone creating new HIGHS!Price is currently on the move retracing to that Resistance Zone, question is ..
WILL IT TURN SUPPORT!?!
-I suspect that with Tokyo Core CPI and BOJ Policy Rate decision releasing tomorrow (Thur), we could see some potential opportunities!
Note
I will be looking for price to retrace to the ( 165.3 - 165 ) Range for a test of RESISTANCE possibly turned SUPPORT!Note
Price touch of 165.38 was enough of a test of the zone!!Price is moving up!
Buy Entry @ 165.75
SL @ 165.25
Novi_FIbonacci
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