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Eurjpysell

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
EURJPY Uptrend Start, or retracement for downtrend continuationNot a setup, but a downtrend continuation prediction is what I have in mind. Price could follow the uptrendline, to continue up as Fibonacci tool predicts where it will lead to, while 117.7 hit 61.8% & may be enough to continue downtrend with Traders Dynamic Index indication of reversal from an uptrend start. Or price to move up according to its minor fibonacci lines 61.8% to 119.6, being, still at a red zone of the major fibonacci, allowing a turning point in the future to continue down if other conditions necessary continue to be met at that time.
Short
by YardleyRosette
2618 on EURJPY!!Hi guys, Yen pairs lately have been very bearish, keep creating lower lows and lower highs. In cases like this we only want to get involved in a bearish trade, like this one. Price is up to retest a previous level of 4H structure and it's finding difficulties breaking through. You can see it tried to break twice and failed, thus creating a double top: the most interesting part though is the break of structure to the downside that somehow confirms our bearish bias. So you can use, according to the 2618 strategy, the 618 retracement of the impulse that broke the neckline. Stops above the highs, targets as illustrated above. If you have any question, or you want to share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2618 on EURJPYHi guys, Yen pairs lately have been very bearish, keep creating lower lows and lower highs. In cases like this we only want to get involved in a bearish trade, like this one. Price is up to retest a previous level of 4H structure and it's finding difficulties breaking through. You can see it tried to break twice and failed, thus creating a double top: the most interesting part though is the break of structure to the downside that somehow confirms our bearish bias. So you can use, according to the 2618 strategy, the 618 retracement of the impulse that broke the neckline. Stops above the highs, targets as illustrated above. If you have any question, or you want to share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
EURJPY profit target reached perfectly, time to sellSell below 120.23. Stop loss at 120.70. Take profit at 119.44. Reason for the trading strategy (technically): Price shot up and reached our profit target perfectly from yesterday. We prepare to sell below major resistance at 120.23 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop to at least 119.44 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,5,3) is seeing major resistance below the 95% level where we expect a reaction from.
Short
by theforexarmy
4
Gartley pattern at market at Daily StructureHey guys, as you can see above in this pair price has recently created new lows, breaking structure to the downside. This tells us that price wants to go lower, therefore we can look for shorting opportunities at structure level, such as the broken support that should act as resistance once it was violated. In this zone it happens to be the D point of a Gartley formation that provides a nice short entry. Stops above the X, targets as usual for patterns. If you have any question, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Gartley pattern at market at Daily StructureHey guys, as you can see above in this pair price has recently created new lows, breaking structure to the downside. This tells us that price wants to go lower, therefore we can look for shorting opportunities at structure level, such as the broken support that should act as resistance once it was violated. In this zone it happens to be the D point of a Gartley formation that provides a nice short entry. Stops above the X, targets as usual for patterns. If you have any question, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
EURJPY bounced perfectly, remain bullishBuy above 119.05. Stop loss at 118.19. Take profit at 120.23. Reason for the trading strategy (technically): Price bounced absolutely perfectly above our buying level. We now remain bullish with price making a further bullish exit of its descending resistance-turned-support line. The goal is to buy above 119.05 support (Fibonacci retracement, pullback support) for a further push up to 120.23 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (55,5,3) has made a bullish exit signalling a further rise is expected.
Long
by theforexarmy
EURJPY right on major support, remain bullishBuy above 119.64. Stop loss at 119.16. Take profit at 120.66. Reason for the trading strategy (technically): We remain bullish above 119.64 support (Fibonacci retracement, Fibonacci extension, horizontal support). Target would be 120.66 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is seeing strong support above the 6.4% level. Reason for the trading strategy (fundamentally): The main news event driving EUR today is the Euro-Zone Consumer Price Index (CPI) Estimate. The CPI is the key gauge for inflation in the Euro Zone. The index tracks changes in the price of a basket of goods and services that a typical household might purchase. When the CPI is high, it indicates that significant inflationary pressures exist in Euro Zone economies. This puts pressure on the European Central Bank to raise interest rates. When CPI comes out lower than expected the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth. We are expecting a lower CPI which would mean a weaker EUR. This goes against our bullish EURJPY trade today so it is best to exercise caution on this trade.
Long
by theforexarmy
3
EURJPY profit target reached perfectly, prepare to buyBuy above 119.64. Stop loss at 119.16. Take profit at 120.66. Reason for the trading strategy (technically): Price dropped perfectly and reached our profit target we have been targeting for the entire of last week. We now turn bullish above 119.64 support (Fibonacci retracement, Fibonacci extension, horizontal support). Target would be 120.66 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is seeing strong support above the 6.4% level.
Long
by theforexarmy
EURJPY dropping perfectly as expected, remain bearishSell below 121.09. Stop loss at 121.86. Take profit at 119.65. Reason for the trading strategy (technically): Price has reacted perfectly from our selling area. 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.
Short
by theforexarmy