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If we look on H4 time frame, EURJPY is being rejected by the 104.08 resistance level. If the rejection success, EURJPY may falls today and make some correction movement to the support level at 103.18. But if EURJPY can rise and break 104.08 and also break the yesterday's high, EURJPY may goes up to the next resistance level at 104.96.
The decision was taken today at a meeting of Eurozone finance which was held in Paris was the providing of the next tranche of financial aid to Greece on December 5. The ministers will meet tomorrow in Brussels where they will give a preliminary approval for the allocation of 44 billion euros ($ 56 billion).
Scenario for today
Elliott: elongated flat correction up 104.96
Currently uptrend should end around 104.47 - 104.59 area. A correction down to below 103.78 is expected. A rise above 104.87 will abort the expected correction.
Warning: Imminent end of bullish move
Technical points
Key point 104.9300
Entry point 104.5100
Elliott 100.3300
Closing 104.3200
Projection 105.3200
Trendline 104.0200
Trendline 104.4100
Supports / Resistances
Res 2 104.8700
Ex-High 104.3300
Res 1 104.5900
Pivot 104.0500
Sup 1 103.7800
Ex-Low 103.5200
Sup 2 103.2400
Pair EUR / JPY approached the maximum prices for the last 5 months, and now the price is at a very important resistance 104.50 and that's how bi stops ... is divergence on the hourly chart so it's possible price reversal in the opposite direction ...
EURJPY just be aware with bearish (pullback down) as long as the buyer can not up again to more that very strong supply zone at near 104.45. On my look . make a plan to search sell here better. SL can we set max. on above that supply (104.45)
EURJPY up after testing the limits of the rear-sloping trend line resistance and bring support closer 103.00 area. Pretty obvious that the price should remain above support at 103.00 and the medium through 104.50/60.
techincal Analys 20/11/2012 15 min timeframe
Support :
S3 103.40
S2 103.66
S1 103.92
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Resistance:
R1 104.76
R2 105.02
R3 105.28
on the daily schedule starts shrinking breakdown triangle, the Japanese currency is very much falls in the market, .. so that after the breakdown of the level before the price turns out to be empty and the couple can easily get to the next level ... 108.80
EURJPY, is now on a bullish since it successfully broke the 23.6 monthly fibo at 103.24. The pair is now heading to the next resistance at the 38.2 monthly fibo at 107.08. I guess the level will be touch in a couple days.
eur/jpy technical analysis by using : average directional movement index
adx : 43.0685
+di : 25.6275
-di : 7.3806
timeframe : 1 hour
time : 0400
date : 21.11.2012