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Eur_jpy

EUR/JPY has more room to runThe Euro defies logic and rallies against its major counterparts such as the USD and Yen. Concerns regarding Eurozone growth, the possible Greek exit, and even a British exit do not dissuade traders from buying up the Euro. Regardless of the theory we entertain the reality is the Euro has been moving higher. The explosive move against the USD was curtailed by the end of the day today, but against the Yen the common currency closed near its highs. The question is will EUR/JPY run higher from here? From a technical and fundamental perspective - yes. Price closed well above the recent support/resistance area of 136.25, and the next resistance is not until 141. The Andrew’s Pitchfork in the chart uses 50% median lines between the primary median line and its upper and lower counterparts. On 5.29 price struck the previously mentioned support/resistance line, retraced to the lower 50% median line where price bounced and rallied through resistance. Now above the median and line and having run into the upper 50% median line price has settled back a little but still coiled to move higher. Over the next few sessions, we should see price rally to the intersection of the upper median line parallel and the 141 support/resistance line.
Long
by positionforex
EUR/JPY: DOWNWARD CHANNEL / LONG SETUP 4HThank you for taking time to view my analysis. As shown above, I've made my setup fairly simple and easy to understand, it's quite self explanatory. Price has respected the downward channel and harmonic wave length, and is now working it's way to the channel bottom, confluence with the 127% extension of the BC leg and a fresh demand zone. Although this is a counter trend trade which can be risky, with all the confluences stated above, I believe there's a high probability to see a correction before further downside movement. PS. There are other fib confluences, but I've decided to not draw them as it would clutter the chart. I've just included the main fib for this trade (stated in the speech text). Please feel free to comment below for any questions or suggestions regarding my analysis. Thanks MaiTrader
Long
by Trader_Mai
EUR/JPY Hourly trade setupHi traders! Our last EUR/JPY post was a weekly FIB setup. 149 + 149.50 was achieved. We were expecting 153 on EUR/JPY but 150 acted as a strong barrier after the huge up move from 136.00! When the market changes we must adapt as a trader. Now we are adapting to what this pair is currently communicating through recent price action. The next downside key level is 138.00- 138.70. The hourly chart displays a series of lower highs and we are expecting a further dive to create a new lower low. Potential 100-150 PIPS downside on this pair, if achieved will be analysing longer term momentum at the end of the week!
Short
by EzraCapital
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