what's most importantEURJPY found support last year at the lower bound of a multi year channel (109.50) and a swift recovery has taken shape since then. It headed towards an intermittent hurdle near 124 the 76.4% retracement from march2016.
Currently the pair is retesting the channel limit at 11.70 in what appears to be the fourth wave from an elliot perspective. With the daily indicators closing in on support 119.70 should contain nearterm downside.
A break above will take it towards 122.50/123 with the next handle at the recent high of 124.
Eurjpyprediction
eurjpy daily chartAs mentioned in previous post we found support last year at the lower bound of a multi year channel at 109.50 and a swift recovery has taken shape since then.
A recovery appears plausible towards 121. A break above will take it towards 122.50/123 with the next handle at 124.
All the best and trade with care.
Thanks for your support.
EURJPY : Potential Short EntryI would see price come back again to this Supply area, possibly break or reject.
I would suggest a short position when price hit into the zone, and make a short retracement or reversal. I will update further the target for this short entry when time comes.
adios.. happy trading
EURJPY bouncing nicely, remain bullishBuy above 118.70. Stop loss at 117.47. Take profit at 120.66.
Reason for the trading strategy (technically):
Price has bounced off nicely at 118.70 support (Fibonacci retracement, horizontal support, Fibonacci extension). We look to buy above this level to play a push up to at least 120.66 (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing strong support above the 6.4% level.
EURJPY : Buy Position Just Opened.The pair kind of rejected to one strong support key level right now.
Exactly rejected the previous lower zone.
It seems to reach TP1, if break then continue to TP2 or comeback to break the key support level.
My analysis in here seems to be exact the same in my analysis in MTP Predictor software.
The price just rejected the Decision Point. You may refer to the following SS.
prntscr.com
Good Luck and Happy Trade.
EURJPY remain bearish at major resistanceSell below 121.09. Stop loss at 121.86. Take profit at 119.65.
Reason for the trading strategy (technically):
We remain bearish below 121.09 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 119.65 support (Fibonacci extension, horizontal support, recent swing low support).
Stochastic (34,5,3) has reacted off our 92% resistance level perfectly and continues to see resistance there.
EURJPY right above strong support, remain bullishBuy above 119.62. Stop loss at 118.63. Take profit at 121.08.
Reason for the trading strategy (technically):
Price held at our buying level perfectly yesterday. We remain bullish above 119.65 support (major horizontal support, Fibonacci retracement, EURUSD positive correlation) for a push up to 121.08 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (21,5,3) is seeing strong support above the 6% level.
EURJPY Pending Sells, model suggests large move comingMorning guys,
Glad we all managed to make some on the eurusd trade yesterday at 1.08298, with the ECB offering a bazooka purchasing bonds with a minimum one year maturity including those with yields below deposit rate (-40bps).
EURUSD has begun its move toward parity in coming months, most likely before the French Elections. If anything the ECB policy meeting yesterday confirms that stance. Whilst mapping out the political landscape with Netherlands election in March, France April/May and Merkel losing ground to populist parties. An election in Italy should not be ruled out either given the limits on the banking system particularly stemming from Italy.
Technically speaking, selling rallies into previous areas like this are a nice play, it is possible that we have missed the eurjpy move coming close with no cigar. It is also expected for those who are in the 1.08x shorts on eurusd that we will see a pullback, staying short and selling rallies is a good play where FOMC will be raising rates.
The model is implying a large trend change will come in January 2017 so paying attention to events ahead will be imperative moving forward.
Likes and comments are always appreciated, and please expect me to go on about my euro parity call for so long once we get there :)