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Eurjpyidea

What lies for Euro-Japanese Yen's future?For quite some days, the Euro-Japanese Yen has been solely consolidating within this range despite the further decline of other Euro Forex pair. That being said, this may be qualified to be an NR7 trade; it is also called as Narrow Range 7 day bar. With the NR7-qualified trade, we can also see a possible formation of a triple-top-double-bottom... or a possible formation of a head & shoulder... and the consolidation is just sitting at the neckline! With a tight range running, a high risk-reward ratio setup may be placed upon this! With such consolidation, I am expecting a huge move!
by bearvsbullmarket
EURJPY right on major support, time to buyBuy above 123.15. Stop loss at 122.49. Take profit at 124.15. Reason for the trading strategy (technically): Price has dropped strongly and is now testing support at 123.15 (Fibonacci extension, Fibonacci retracement, horizontal swing low support, bullish divergence) and we expect to see a strong bounce above this level to at least 124.15 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing strong support above 4.7% and also sees bullish divergence signalling that a bounce is impending. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
EURJPY testing major support, remain bullishBuy above 124.18. Stop loss at 123.62. Take profit at 125.24. Reason for the trading strategy (technically): Price is now testing our major support. We remain bullish looking to buy above major support at 124.18 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 125.25 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from and also sees bullish divergence signalling that a bounce is impending. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
EURJPY profit target reached. Turn bullish above major supportBuy above 124.35. Stop loss at 123.65. Take profit at 125.25. Reason for the trading strategy (technically): Price has reached our profit target from last week. We prepare to buy above 124.35 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 125.25 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
EURJPY approaching major resistance, prepare to sellSell below 125.80. Stop loss at 126.13. Take profit at 124.60. Reason for the trading strategy (technically): Price is approaching major resistance at 125.80 (Fibonacci extension, horizontal swing high resistance) and we expect a strong reaction off this level for a drop to at least 124.60 support (Fibonacci retracement, horizontal overlap support). Stochastic (55,5,3) is seeing major resistance below the 96% level where we expect a drop from. Correlation analysis: We’re expecting overall JPY strength today with drops expected on USDJPY and EURJPY.
Short
by MEX_Exchange
EURJPY approaching strong resistance, prepare to sellSell below 124.62. Stop loss at 125.21. Take profit at 123.19. Reason for the trading strategy (technically): Price is approaching strong resistance at 124.62 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect a drop from this level to at least 123.19 support (Fibonacci extension, horizontal swing low support). Stochastic (34,5,3) is seeing major resistance below the 94% level where we expect a strong drop from. Correlation analysis: AUDJPY and USDJPY are expecting bounces. So we have to exercise caution on this trade.
Short
by MEX_Exchange
EURJPY dropping nicely, remain bearishSell below 124.41. Stop loss at 125.10. Take profit at 122.62. Reason for the trading strategy (technically): Price reached our selling area and is dropping nicely towards our profit target. The plan today is to remain bearish below major resistance at 124.41 (Fibonacci extension, Elliott wave theory, horizontal swing high resistance, bearish divergence) and we expect a drop from this level towards 122.62 support (Fibonacci retracement, horizontal overlap support). Stochastic (89,5,3) is seeing major resistance below the 94% level and also sees bearish divergence vs price signalling that a drop is impending. Correlation analysis: We’re expecting overall JPY strength today with AUDJPY and EURJPY both expecting drops.
Short
by theforexarmy