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EURJPY almost touched the support level at 103.18 yesterday. I think EURJPY will try to test that support level again today. Then, if EURJPY can touch that support and break it successfully, EURJPY may falls to the next support level at around 102.19.
eurjpy set of two simply just bounced by it is service 114..
i'm sure at this point it is time period due to this set of two to go up into.. it might be obtained by in this article until finally 117..
thsi set of two seriously isn't featuring an excessive amount go.. nevertheless for at this point it is impulses usually are hinting that due to this considerably solely.
http://i50.tinypic.com/5l17gy.gif
The short term trend of the pair is to the upside. Intraday trading range of the pair is expected among key support at 101.60 and key resistance at 105.25. Based upon my chart analysis, I prefer to buying the pair above 103.10 with target 103.70, 104.65 then 105.25 and stoploss with four hour candle closing below 102.60.
The yen was trading close to a one-week high against the euro, with EUR/JPY down 0.54% to 103.13.
Later Wednesday, the Federal Reserve was to announce its benchmark interest rate and release its first monetary policy statement since the central bank announced a third round of quantitative easing in September. The U.S. was to release official data on new home sales.
Meanwhile, European Central Bank President Mario Draghi was to attend a meeting in Germany’s central bank, which was to be followed by a press conference.
Very interesting situation formed on eur / jpy, a pair of sliding stops at 200 (also about her is the horizontal level of 103.14) and similar course makes a turn to the north, the goals can be ... 104.50 103.70 levels.
On the 4 hour chart is very clear reversal formation has formed "head and shoulders", but as the pair failed to break through the neckline (support for 103.15) and from the left to the northern lights out, need to wait for the sales capacity below this level, the purchase is not considered, in the long north do not.
Indeed the pair is now a negative trend, the pair continues to be under pressure bears are able to drive it at a grazing alligator, probably will breakdown support 103.20 and we will see levels of 102.70, 101.80.
A clear break above 103.81 area could trigger further bullish pressure on this pair and test 104.50 should clearly passed down to continue the bullish testing 105.00/50 area.
eur/jpy technical analysis by using : average directional movement index
adx : 15.6045
+di : 14.8022
-di : 15.7540
timeframe : 1 hour
time : 2000
date : 24.10.2012
EUR/JPY faced some resistance ahead of mentioned 61.8% retracement of 111.43 to 94.11 at 104.81 and intraday bias is turned neutral first. Some consolidations would be seen and below 103.12 minor support will bring even deeper retreat. But after all, near term outlook will stay bullish as long as 100.14 support holds and we'd expect another rally ahead.