EURJPY Will Continue Its Upward TrendEURJPY has reached the weekly fair value gap. The price grabbed the liquidity in the 4-hour timeframe and showed signs of reversal.
On Friday, the price moved back into the 4-hour order block and surpassed the low of the 2-hour candle range before closing back in the range. This has established a new bullish order block and there is potential for it to trigger a move to surpass the high of the 2-hour candle range.
Eurjpylongsetup
EURJPY's Upward Momentum and Opportunities AheadThe EURJPY pair has shown promising strength after a corrective phase from its peak on March 21, 2024. Today, it successfully breached a significant resistance level at 163.322, providing a stronger confirmation of the existing bullish momentum. With this noteworthy breakout, the allure of a Long position becomes increasingly compelling.
Technical Analysis:
On the 4-hour timeframe, EURJPY is currently trading above several key moving averages, including the SMA 7, SMA 24, and SMA 150. This indicates clear bullish strength, especially after a prolonged correction period. The breakout from the resistance level at 163.322 adds confidence to further bullish momentum, with technical indicators suggesting potential for higher moves.
Fundamental Insights (JPY):
Despite the Bank of Japan's exit from negative interest rate policy, BOJ Governor Ueda has reiterated the commitment to continue purchasing Japan Bonds and refrain from raising interest rates. This monetary policy stance has triggered sustained weakness in the Japanese yen, evident from its recent depreciation. With supportive fundamental conditions, yen weakness adds impetus for the EURJPY pair to continue its bullish trend.
Trade Targets:
- Target 1: 164.414
- Target 2: 165.380
- Target 3: 167.252
These targets are calculated using Fibonacci ratios, with Target 3 reaching approximately 140% of the previous rally and the historical resistance. Each target offers potential for significant gains for traders entering Long positions.
Risks to Consider:
- Sudden shifts in market sentiment or unforeseen fundamental developments may impact the direction of EURJPY movements.
- Market volatility and the possibility of retracement during the journey towards the take profit targets should be duly noted.
With a strong confirmation of bullish breakout and support from both technical and fundamental analyses, Long positions in EURJPY present enticing profit opportunities. However, it is essential to remain vigilant of risks and manage them prudently with every trade executed.
EURJPY → Day Analysis | BUY SetupHello Traders, here is the full analysis.
Price reversal going up, levels for BUY . EURJPY long
! Great BUY opportunity EURJPY
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EURJPY - FUNDAMENTAL AND TECHNICAL VIEW
⚠️ EUR DATA OUTLOOK IN THIS WEEK
⛔️ ZEW ECONOMIC SENTIMENT DATA, a very important DATA for the EURO, is scheduled to be released on Tuesday. Also, GERMANY CPI DATA is scheduled to be released. Be careful about that DATA.
⛔️ EUR CPI DATA to be released on Wednesday. Depending on the nature of that DATA, it will definitely affect the EURO on Friday's speech by the ECB PRESIDENT. CPI DATA POSITIVE WILL IMPACT EURO VERY STRONGLY.
⛔️ The ECB PRESIDENT is scheduled to deliver two speeches on Thursday and Friday. Pay attention to it.
⛔️ Pay attention to what he says about EURO INFLATION and INTEREST RATES. You can get SHORT TERM ENTRIES. If those COMMENTS are POSITIVE, they will definitely affect the EURO in a POSITIVE way.
⛔️ Also keep an eye on GERMANY PPI DATA on Friday with CPI DATA and ECB PRESIDENT's speech likely.
⚠️ JPY DATA OUTLOOK IN THIS WEEK.
⛔️ PPI DATA is scheduled to be released on Monday. It will provide some support for the BOJ MEETING on Wednesday.
⛔️ Very important for JPY on Wednesday this week. The BOJ MONETARY POLICY STATEMENT is scheduled to be released. There you should pay attention to whether there is any mention of whether the BOJ is coming out of NEGATIVE INTEREST DATA.
⛔️ CORE CPI Y/Y DATA TO JPY TO BE RELEASED ON FRIDAY. If the BOJ OUTLOOK becomes POSITIVE and the DATA supports it, the JPY may go up slightly for that day.
🔰 Most likely, the PRICE can fall to the 135 LEVEL. After that, the PRICE can move up to 143 LEVEL. 🔰
EURJPY - FUNDAMENTAL AND TECHNICAL VIEW#EURJPY
- Currently there is an UP SIDE BIAS for EURJPY. XXXJPY CURRENCIES BUYED VERY FAST IN THE PREVIOUS WEEKS WITH JPY WEAK AFTER THE INTERVENTION. Somehow it is being RECOVERED again. MARKET RISK is still ON. VIX is going DOWN, XXXJPY CURRENCIES SHOULD BE BUY FAST NOW.
- Some NEWS coming for the USD will help strengthen the EURO. Because the reason for that is because the NEWS related to USD is quite weak and USD has got a weak SENTIMENT. But in the future, if the RATE HIKE SENTIMENT is PRICED by the ECB, EURO may be BUY more. For that, the support of EURO STOCKS and VIX must be received. We have no more confirmation that the EURO is likely to be WEAK.
EURJPY can sell at 138.844 level before BUY. After that you can BUY at 147.15 LEVEL. If the MAIN STRUCTURES BREAK anyway, the EURJPY price can definitely be BUY at 147.15 LEVELS.
EURJPY - FUNDAMENTAL AND TECHNICAL VIEW#EURJPY
- Currently there is an UP SIDE BIAS for EURJPY. XXXJPY CURRENCIES BUYED VERY FAST IN THE PREVIOUS WEEKS WITH JPY WEAK AFTER THE INTERVENTION. Somehow it is being RECOVERED again. MARKET RISK is still ON. VIX is going DOWN, XXXJPY CURRENCIES SHOULD BE BUY FAST NOW.
- Some NEWS coming for the USD will help strengthen the EURO. Because the reason for that is because the NEWS related to USD is quite weak and USD has got a weak SENTIMENT. But in the future, if the RATE HIKE SENTIMENT is PRICED by the ECB, EURO may be BUY more. For that, the support of EURO STOCKS and VIX must be received. We have no more confirmation that the EURO is likely to be WEAK.
EURJPY can sell at 141.070 level before BUY. After that you can BUY at 150.00 LEVEL. If the MAIN STRUCTURES BREAK anyway, EURJPY price can definitely be BUY at 147.00 LEVELS.
EURJPY - FUNDAMENTAL AND TECHNICAL VIEW#EURJPY
- Currently there is an UP SIDE BIAS for EURJPY. XXXJPY CURRENCIES BUYED VERY FAST IN THE PREVIOUS WEEKS WITH JPY WEAK AFTER THE INTERVENTION. Somehow it is being RECOVERED again. MARKET RISK is still ON. VIX is going DOWN, XXXJPY CURRENCIES SHOULD BE BUY FAST NOW.
- Some NEWS coming for the USD will help strengthen the EURO. Because the reason for that is because the NEWS related to USD is quite weak and USD has got a weak SENTIMENT. But in the future, if the RATE HIKE SENTIMENT is PRICED by the ECB, EURO may be BUY more. For that, the support of EURO STOCKS and VIX must be received. We have no more confirmation that the EURO is likely to be WEAK.
EURJPY can be SELL at 145.56 level before BUY. After that you can BUY at 152.00 LEVEL. If the MAIN STRUCTURES BREAK anyway, EURJPY can definitely buy at 150-151 LEVELS.
EURJPY - FUNDAMENTAL AND TECHNICAL VIEW#EURJPY
- Currently there is an UP SIDE BIAS for EURJPY. XXXJPY CURRENCIES BUYED VERY FAST IN THE PREVIOUS WEEKS WITH JPY WEAK AFTER THE INTERVENTION. Somehow it is being RECOVERED again. MARKET RISK is still ON. VIX is going DOWN, XXXJPY CURRENCIES SHOULD BE BUY FAST NOW.
- Some NEWS coming for the USD will help strengthen the EURO. Because the reason for that is because the NEWS related to USD is quite weak and USD has got a weak SENTIMENT. But in the future, if the RATE HIKE SENTIMENT is PRICED by the ECB, EURO may be BUY more. For that, the support of EURO STOCKS and VIX must be received. We have no more confirmation that the EURO is likely to be WEAK.
EURJPY can be SELL at 143.195 level before BUY. After that you can BUY at 151.00 LEVEL. Anyway, if MAIN STRUCTURES BREAK, EURJPY price can definitely BUY at 151 LEVEL.
EURJPY LONG IDEAHello Dear Traders
My point of view regarding the EJ for the short term. Cautiously and always with R:R management.
Note: The price is approaching a strong supply level but it can give the result.
From the purple supply zone we will se how it responds.
We will then react accordingly for sell in case of some candlestick pattern, weak bullish Price action etc. or we may enter long if the market is going to give us a strong impulse to the upside with a PA retest of the zone in conjuction with 0.382 - 0.5 - 0.618 Fib. Retracement Level.
Good Luck and waiting for your comments!
EURJPY - FUNDAMENTAL AND TECHNICAL VIEW#EURJPY
- There is currently a DOWNSIDE BIAS for EURJPY. With JPY being STRONG, XXXJPY CURRENCIES are selling very fast right now. MARKET RISK is still being OFF. EVEN IF VIX UP, XXXJPY CURRENCIES BUY VERY FAST WITH JPY WEAKNESS. Maybe EURJPY can reach 138.651 LEVEL and it has gone down.. 138.65 is a very good SUPPORT LEVEL..
- Some NEWS coming for the USD will help to weaken or strengthen the EURO. But in the future, if the RATE HIKE SENTIMENT is PRICED by the ECB, EURO may be BUY more. For that, the support of EURO STOCKS and VIX must be received.
- Anyway, the price can move to the area I mentioned and after that the EURJPY price can move back to the 147.692 LEVEL. For that, VIX should be DOWN and JPY should be WEAK.
Looking for a long EURJPY 09 AugustWeekly chart - Neutral to bullish
Daily chart - Bullish
H4 chart - Broke above 137.250, now pulling back.
If we get that pullback and a bullish entry signal, I will enter a long that can give us 4R profit.
Always use sound money and risk management and stay patient in all your trades.
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Long Position on EURJPY-4HHello Traders !
This is a technical view on EURJPY , we're looking to taking a long position on EJ in the next few hours. For the following reasons:
After the last big rally on EJ, the price was stuck in between levels: 134.00 Support & 140.00 Resistance, then we saw a fake break down at 134.00 Support as is shown in the Weekly Time-frame. It's close with that strong support.
Also, we had a retest last week at the same level of Support and started pushing to the upside, as the price pushing to up side the market has created a fresh demand area at 135.50 & 135.20 of Daily Support.
As a result, it gives us another opportunity to ride with the market to continue its move upwards targeting a resistance level at 138.50, which has never been tested yet. We expect that move to happen in a few days, maybe by the end of this current month.
TRADE CAUTIOUSLY..
🐂EUR/JPY LONGEUR/JPY has shown bullish signs on higher timeframes as price broke major previous highs.
The market as pulled back, retested previous lows, pushed up breaking previous highs and has started to form what looks like an inverse head & shoulders.
With the EUR value rising and JPY still in blood bath, it only makes sense to take this continuation.
Profit target are marked in red.
OANDA:EURJPY