Range bound EUR/JPY

Updated

Double inside days in the upper bound of the range. A break higher will finally get us out of the range, a break lower could see range holding. Swing failure might be a hint of things to come. Ideally a break higher with prices holding above the rectangle and previous highs should set us up for a decent move higher

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Inside day broken to the upside as discussed

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Needs a bullish close above the red rectangle

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Bullish close as discussed. Should see a move higher. Next resistance comes in around 108.30 (previous swing highs)

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Retesting upper range boundary. Needs to hold for a move higher

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Pulled back and quickly rejected. A break of yesterdays high should see us auctioning higher

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Still holding above previous resistance and building volume. Good risk/reward for longs

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EURJPY now well on its way upwards. First resistance comes in at previous swing highs at the 118.40 area and then major resistance comes in from 121.40-122.55 area (Red Rectangle)

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Careful with the earthquake news. Last time yen strengthened

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Previous swing high in sight now. Should trigger stops above if it breaks

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Stops triggered as discussed in previous comment. Previous swing high should now become springboard support for a move into major resistance from 121.60-122.60 (Red box above)

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Possible resistance at 120.80 area (previous lows and highs)

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First resistance coming in just above at 1.2080 (double bottom) as shown above

Trade closed: target reached

Coming into resistance at 120.80.

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Approaching area of high resistance

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