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Price pair is still trading in a quiet since yesterday's trading session within the uptrend channel, as is evident in the form attached and specifically based on the moving average, to stay on the expected Pending the achievement of positive in the near and medium down to 104.50 then 106.50
eur/jpy market analysis based on moving averages on 01.11.2012 at 0945hrs and 15minute timeframe
ema5: 103.4872
ema10:103.5118
ema20:103.5642
ema50: 103.5937
EUR/JPY
BUY
Enter :- 103.530
TP1 :- 104.039
TP2 :- 104.549
SL :- 102.516
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
Failure to pass back double top 80.13, USDJPY seems to be turned down again tried to penetrate the 79.98 level again.
The success of penetrating 79.98 then the next target in the near future is the 79.75 level,
but if you persist in this area is likely to rebound back to test 80.13 resistance.
Minor resistance penetrated 103.39 yesterday. This resulted in a higher movement towards 103.94. However, it should be close to its peak and most recent decline towards 101.45 support begins.
Intraday bias in EUR/JPY remains mildly on the upside for 104.58 first. Break there will confirm resumption of rise fro 94.11 and should target 111.43 key resistance. On the downside, below 103.07 minor support will delay turn bullish case and would extend the consolidation fro 104.58 with another fall. But after all, we'll stay near term bullish as long as 100.14 support holds and expect rise from 94.11 to resume later.
eur/jpy technical analysis by using : average directional movement index
adx : 32.1457
+di : 22.5013
-di : 15.5180
timeframe : 1 hour
time : 2000
date : 01.11.2012
its on a 5 months high and ist has an MADC reversal intraction on the same and its making some good trading aspects for the same. but selling is not a clear signal right now.
Elliott: common flat correction up 104.43
While below 103.87 - 104.05 it is more likely to fall further towards 103.54 or 103.39. Premature rise above 104.05 could see it rising above 104.35 zone.
Technical points
Key point 104.0500
Entry point 103.8900
Elliott 102.1800
Closing 103.7500
Projection 104.4300
Trendline 103.7200
Trendline 103.9200
Supports / Resistances
Res 2 104.3500
Ex-High 104.0000
Res 1 104.0500
Pivot 103.6900
Sup 1 103.3900
Ex-Low 103.3400
Sup 2 103.0300
EURJPY still continuing bullish, now the target is to touch its last week's highest point at 104.58. Downward movement will be restrained by MA line and monthly fibo 23.6% at 103.24.