EUR/JPY (Cypher Pattern) 1HRPAIR: EURJPY
TRADE: CYPHER PATTERN
POSITION: BUY
TIME-FRAME: 1HR
--------------------
What a month it has been for patterns. During the Star
Live Trading room, we've seen pattern formations all over
the markets and have been a result of new equity highs.
For other pattern lovers like myself, this month has been
a powerhouse for these moves.
When I can, I post trade ideas here to inspire other people
about pattern trading, as it's one of my passions.
Let's have a great week of trading ahead. Always, always
always, trade your plan please.
--------------------
Truly grateful to be here and share my thoughts with
everyone. Always appreciate your thoughts and what
you have to say and share, let's experience Trading in
a positive way, together. Time is precious, be kind to
everyone and be safe in the markets, always.
"See yourself as love and only have that, to give away."
--------------------
Phil C.
Eur-jpy
EURJPY 4hour Analysis May 15th, 2022EURJPY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish
Trade scenario 1: EJ is looking super bearish after a massive fall off from our 137.000 resistance level.
Ideally, we can confirm structure and a lower high now or near 135.500 to consider short scenarios.
Trade scenario 2: For us to consider EJ more bullish we need to see price action shoot back up toward 137.000 and start forming some serious 4hour bullish structure.
Outlook on EURJPY: Bearish play seenOn the Monthly time frame, prices are currently testing a key resistance area and the failure to break and close above the monthly resistance suggest a possible reversal. On the H4 time frame, a pullback to the resistance zone at 136.882, in line with the 1.272% Fibonacci extension and and 78.6% Fibonacci retracement presents an opportunity to play the drop. Ichimoku cloud and moving average is showing signs of bearish momentum as well, in line with our bearish bias.
💡Don't miss the great buy opportunity in EURJPYTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (135.50).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. EURJPY is in an uptrend, and the continuation of the uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 72.
Take Profits:
TP1= @ 137.04
TP2= @ 138.80
TP3= @ 139.96
TP4= @ 141.12
TP5= @ 142.54
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex / Crypto trader?
Now, It's your turn!
Be sure to leave a comment; let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
💡Don't miss the great buy opportunity in EURJPYTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (135.50).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. EURJPY is in an uptrend, and the continuation of the uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 72.
Take Profits:
TP1= @ 137.04
TP2= @ 138.80
TP3= @ 139.96
TP4= @ 141.12
TP5= @ 142.54
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex / Crypto trader ?
Now, It's your turn !
Be sure to leave a comment; let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
EURJPY can move further low? 🦐EURJPY on the 4h chart has tested the 0.618 Fibonacci after the recent highs.
The price is now testing the lower structure over the 0.382 level.
How can we approach this scenario?
We will wait for the market to break below the area and In that case I will set a nice short order according to the Plancton's academy rules
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
EURJPY 4hour Analysis May 1st, 2022EURJPY Bearish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bearish
Trade scenario 1: We’re looking bearish on the 4hour! Good news to use as EJ is due for a pullback on the higher timeframes.
Ideally, price action continues with 4hour bearish volume and forms a lower high below 137.000 that we can enter on.
Look to target lower toward 135.500 support.
Trade scenario 2: If we are to consider EJ bullish again we would need to see a higher low above 137.000.
EURJPY 4hour Analysis April 24th, 2022EURJPY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: We are looking very bullish on EJ this week. At this point we’re looking for structure formation closer to 137.000 as support.
Look to enter long on a confirmed higher low with strong bullish setups.
Trade scenario 2: For us to consider EJ bearish again we would need to see a lower high below 137.000.
EURJPY 4hour Analysis April 17th, 2022EURJPY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Consolidating
Trade scenario 1: We are still bullish on EJ and price action has formed an ascending triangle near 137.000 resistance.
How price action reacts at 137.000 will determine where we look for trades. The most likely scenario is price action breaking 137 and forming structure above.
Trade scenario 2: If we are to consider EJ bearish we need to see a break of the most recent 4hour higher low and this pattern.
Look to enter short on lower highs and target toward 135.500
EURJPY Bull Flag done. Targeting $139.00.The EURJPY pair has broken above its Bull Flag this week. That was a pattern coming off the incredible 10% rise since the March 07 bottom that broke above its Bearish Megaphone pattern. The 1D MACD topped and made a Bearish Cross.
The last time we saw the very same set of conditions was during the strong rise of May 2020 that led to the June 2020 Bull Flag. That was in the aftermath of the COVID market crash 2020. This time it another set of strong macro events that led to this rise, the Ukraine - Russia war and inflation. Also in both fractals, a 1D Golden Cross was formed (when the MA50 (blue trend-line) crosses above the 1D MA200 (orange trend-line).
In September 2020, the price action following the Bull Flag topped on the 1.5 Fibonacci extension. This time, the next available Fib extension is the 3.0 at 139.845. We are targeting just below that at $139.00.
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
Today’s Notable Sentiment ShiftsEUR – The single currency strengthened across the board on Monday after French President Macron won the first round of France’s elections.
Commenting on EUR’s performance, however, Wells Fargo warns that “it’s going to be hard for the euro to really get more upside traction until the event risk fully passes.”
Indeed, the next round of France’s election will take place on April 24th and “promises to be a very tightly fought presidential election runoff,” according to Reuters.
JPYBASKET SHORTS 📉📉📉📉 Expecting bearish price action on JPYBASKET as we are in clear bearish market strucutre on the HTF(higher timeframe premise) price didn't made the bullish reversal i was expecting the last week. I think right now price is heading into sell side liquidity 8095 ALL TIME LOW, with that being said i dont think there is a good chance to enter SELL on YEN CROSSES such as EJ/AJ/NJ/GJ.
What do you think ? Comment below..
EURJPY 4hour Analysis April 10th, 2022EURJPY Neutral Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Ranging
Trade scenario 1: Overall EJ is bullish on the higher timeframes but we can clearly see price action is in a 4hour range at the moment.
Currently there is no trend on the 4hour so we will have to wait for one.
Ideally, we see price action break resistance around 135.500 with a higher low above.
Look to target higher toward 137.000 resistance if this happens.
Trade scenario 2: For us to consider EJ shorts we need to see a bearish break of 134.550 support with a lower high below.
JPY BULLISH ✅✅✅✅ Expecting bullish price action on JPY and a trend reversal from bearish into bullish as we have multiple imbalances area aka price ineffiency that price will try to close in the upcoming days/weeks. We have a clear rejection area somewhere around institutional figure 8200 and i think this area will hold as a LOW for a very long time. Buy Side Liquidity as the first take profit area.
What do you think ? Comment below..
EURJPY Might Have Peaked. Price Might Range 135.00 - 125.00!EURJPY pushed higher with strong impulse last month after going all the way lower towards 125.000 psychological support and rejecting it. The current impulse was very intense until it tested the resistance that was present at 137.000 area and rejected it. This rejection was accompanied by the monthly candle closing beneath the key psychological resistance at 135.000. At this moment the price remains in a strong uptrend on the weekly charts as evident by the ascending long term weekly channel. Since the price rejected the 137.000 resistance and M candle closed below 135.000 resistance, it could likely mean that the price might reverse and start heading lower gradually.
Fundamentally, the EURO is the weakest major currency at the moment due to the ongoing conflict and the YEN has depreciated considerably against most major currencies due to the bank of japan monetary policy outlook. The bank of Japan might likely intervene in the markets to prevent the YEN sliding further. These two factors would likely mean that the EURJPY might have tested its high at 137.000 and now would be looking to head lower primarily driven by the EURO weakness.
Coming back to the technical part, last month's impulse was so strong that its failing to provide any technical short term outlook for the EURJPY. However at the 125.000 psychological support, we can see that if its breached (Monthly candle closing below 125.000) then the price would likely resume heading lower towards the 122.000 support. This breach in turn would also violate the long term ascending weekly channel. Therefore patience is required while trading EURJPY on weekly and daily time frames.
On the Flip side, if EURJPY were appreciate more, which would be unlikely given the current fundamental state, it faces multiple resistances unless it manages to clear the 140.000 psychological level after which the path to 145.000 is open to be tested.
In conclusion, we can expect a gradual range trading for EURJPY between 135.000 & 125.000 in the coming weeks. If 125.000 is violated based on current technical picture then we can take this pair short towards 122.000.
Cheers, I hope you find this insight helpful. Please LIKE & FOLLOW for more insight on Major & Minor currency pairs.