Eur/Jpy

EUR/JPY
SELL
Enter :- 103.690
TP1 :- 103.102
TP2 :- 102.516
SL :- 104.871

Note this is just my attempt to predict the price could be right or wrong stop-loss order is very important must put always follow the trend

18/10/2012 EUR/JPY Full Detailed ForeCast

Pivot point (level of invalidation): 103.1

Our preference: Long positions above 103.1 with target to 104 and 104.35 in extension.

Alternative scenario: Below 103.1 we expect further downside with 102.75 and 102.3 of targets.

Technical Comments: the RSI lacks upward momentum.

The yen was little changed against the euro, with EUR/JPY adding 0.02% to 103.58.

Investors were looking ahead to the start of a two-day European Union summit on Thursday, although no major announcements on Spain or Greece were expected.

Meanwhile, the U.S. was to publish its weekly report in initial jobless claims, as well as data on manufacturing activity in Philadelphia.

Retention EURJPY at resistance at 103.87, the EURJPY probably fell back through 103.55 try again with the next target of 103.39 retrace area. We see 103.55 as a crucial point in favor of the decline, both in look at the hourly chart, successfully penetrated the price tends to point to 103.39 again.

Elliott: elongated flat correction up 104.13
One move lower to 103.07 or 102.57 is anticipated while below 103.66 - 103.90 area. Stop loss above 104.24 zone.
Warning: Imminent end of bullish move
Technical points
Key point 104.1300
Entry point 103.7300
Elliott 100.1500
Closing 103.5600
Projection 104.4400
Trendline 102.9100
Trendline 104.0200
Supports / Resistances
Res 2 104.2400
Ex-High 103.7500
Res 1 103.9000
Pivot 103.4100
Sup 1 103.0700
Ex-Low 102.9100
Sup 2 102.5700

euro rose to 5 month high against the yen on thusday as demand for single currency was boosted following strong demand an auction of spanish gov debt while expectations for more easing by the bank of japan.
that why eurjpy hit 104.07 during european early afternoon tradingthe pair highest since may 8 at 103.88 agining 0.32%.

Perfect couple went to the north, and it looks like more could go on until noticeable consolidation support near 103.80 (below it is my exit point), about this level traces of purchases, it is possible to come from the purchase of the trend with little risk, especially since the potential for progress is there.

EUR / JPY pair of almost non-stop overcome 103.50 resistance zone and continues to grow, but still remains the final frontier 103.80 of which can still be a correction in the south believe that more than a continuation of growth.

eur/jpy technical analysis by using : average directional movement index

adx : 25.5558
+di : 19.4623
-di : 11.4653
timeframe : 1 hour

time : 1600
date : 18.10.2012

Forex Technical Update
Previous: EUR/JPY and GBP/JPY Riding Their Rising Trendlines (10/3)

EUR/JPY Daily Chart 10/18/2012 7:35AM EDT



Sharp rally: The EUR/JPY is making a new high since rallying from the July low of 94.10, as it pushes above the 103.86 resistance pivot. The rally has been holding above a rising trendline, and the RSI has tagged 70, now a 3rd time, without falling under 40, and even staying above 50. This strong rally has a recent 6-day streak that is now attacking a falling trendline that goes back to April, 2011 as it approaches the 104.00 psychological handle.

Falling wedge, trendline: The weekly chart shows a falling wedge development with support extending back to August 2010, and the resistance trendline going back to 123.31 in April 2011. The falling trendline is what the market is focused on at the momentum.

Breakout: Will the trendline hold? I think there is upside room until 105.25, 38.2% retracement for the market to show respect to this falling trendline. But above that, the market opens up a previous resistance pivot lies at the 108.00 handle.

If the market holds under 105 and falls under the rising trendline from July, 94.10 low, then a bearish outlook returns.

Bearish momentum: Also note that the weekly RSI is approaching 60, during the falling wedge, it has respected 60, and reflected persistent bearish momentum. If this wedge is to hold, it should hold the weekly RSI under 60 as well.

EUR/JPY Weekly Chart 10/18/2012



Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.