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Japanese Yen/Euro

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JPYEUR trade ideas

EUR/JPY Drops Ahead of Key Eurozone DataTechnical Analysis The EUR/JPY pair is trading within a triangle pattern on the hourly chart, with sellers currently pushing the price lower after a reversal from the upper boundary of the triangle. At present, the price has reached the first significant support level at 162.889. If the sellers succeed in breaking below this level, further downside targets are identified using Fibonacci retracement levels from the prior uptrend, with immediate support seen at 162.720, followed by 162.480, and finally 162.175, which marks the previous major support zone. The RSI (Relative Strength Index) remains below 50, currently around 40, indicating a bearish momentum with room for further declines before entering the oversold territory. The MACD (Moving Average Convergence Divergence) also confirms a bearish signal, as the MACD line is below the signal line and the histogram is negative, suggesting ongoing selling pressure. Additionally, price action is below the moving averages, adding to the overall bearish sentiment in the short term. The triangle pattern continues to dictate the current market direction. A sustained move below the lower boundary of the triangle would signify the continuation of the bearish trend, while a failure to break below would provide some relief for buyers.
Short
by Errante
Beware of Symmetrical Triangles. And yes, they occur oftenWhy Beware? Ambiguous Direction: Symmetrical triangles don't inherently indicate whether the breakout will be upward or downward. Without additional confirmation from volume or other technical indicators, predicting the direction can be challenging. Market Noise: In volatile markets, price movements within the triangle can be erratic, making it difficult to identify clear breakout signals amidst the noise. False Breakouts: Not every symmetrical triangle leads to a significant price movement. Sometimes, the breakout fails, resulting in a false signal that can trap traders in losing positions.
Education
by Blayno_MTOPS
2
EurJpy TradeEJ is another pair that has been ranging. Structure on the pair hasn't been all that great but we could have a solid set up for the new week. Last week I was personally looking to short the pair but news kept the pair in a tight range last week. This week I'll personally be waiting on price to break and head into a clear direction. At that point we could expect price to continue heading in that direction. I'm not really leaning into buys with price still being overall bearish here. Price has failed to push to the upside for some time now so just based on probabilities I'll personally be looking for shorts here.
by OfficialJ23
EURJPY: Well supported on the 1W MA100 but needs more to rise.EURJPY is marginally bullish on its 1D technical outlook (RSI = 55.394, MACD = 0.690, ADX = 37.501), practically neutral as it's been ranging between the 1W MA50 and 1W MA100. The long term pattern is a Channel Up since 2021 and the recent 1W MA100 test is the new bottom (HL) of the pattern. The 1W MA50-100 consolidation is the bottom formation and even though it's encouraging we need a crossing over the 1W MA50 in order to validate the new rise. Technically it should be around +18.70% like the previous two. Set your target accordingly (TP = 183.500). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Long
by InvestingScope
EUR/JPY October Market Outlook: Bearish Setup with Key Sell Sign EUR/JPY October Market Structure and Trading Insights The monthly structure for EUR/JPY in October shows an open high-low-close pattern, which is indicative of a potential sell setup. However, we are currently waiting for confirmation in the form of a TDI (Traders Dynamic Index) cross, which will signal when to enter sell positions. Key Points to Note: 1. Bearish Divergence: From August 16, 2024, through the current market high, we observe a clear bearish divergence. This is often a precursor to downward movement and strengthens the case for a sell setup. 2. Daily Timeframe Open High Structure: The daily chart for October reflects an open-high structure, reinforcing the bearish outlook for the month. 3. Overbought Market Conditions: Since the bullish breakout on October 1, 2024, the price has been in an overbought zone. This suggests that a reversal is likely as the market corrects from these elevated levels. 4. Double Top ('M') Pattern: There is a visible double top pattern, also known as an 'M' pattern, on the daily chart. The second leg of this 'M' pattern looks particularly strong, further signaling a potential bearish move. 5. TDI Cross as Confirmation: A bearish TDI cross will serve as a confirmation of the presence of sellers. This signal is essential to validate the entry for sell trades. Take Profit Levels: - Take Profit 1: 161.600 - Take Profit 2: 160.500 Trading Advice: It is important to exercise patience and wait for valid confirmation signals, such as the TDI cross, before entering any trades. Always approach the market with caution, utilizing sound risk management strategies to safeguard your capital. If you found this analysis helpful, please consider liking, commenting, and following for future updates. I will gladly return the follow. Best of luck with your trades! ---
Short
by ezeepips
2
#EURJPY 1DAYOn the EUR/JPY daily chart, the price is testing a significant resistance level. This area has historically acted as a barrier, where selling pressure increases, preventing the price from moving higher. The resistance level suggests that the current uptrend may stall or reverse, creating a potential opportunity for sellers. Forecast: Sell A sell opportunity is anticipated as the price approaches the resistance zone. Traders may consider entering a short position if the price is rejected from this level, with a downside target toward previous support areas. It is essential to wait for confirmation of the price failing to break above resistance to avoid false breakouts.
Short
by PIPSFIGHTER
2