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On the heels of massive Yen rally in summer 2007, later named by main stream press the "unwind of the carry trade",we published an article about anticipated direction of GAP-SPY. For details please see previous writing "Trading Forex- GAP-JOY outlook". The future outlined there have come to fruition and it's ... Re
Support: 104.90
Pivot: 105.97
Resistance: 107.04
trendspotter buy
7 day average directional indicator buy
10-8 day MA hilo channel buy
20 day MA VS Price buy
20-50 Day MACD oscillator buy
20 Day Bollinger Bands hold
Technical Analysis for EURJPY 80% Buy
EUR/JPY recovered after getting some support from 4 hours 55 EMA as consolidation from 107.13 continued. More corrective trading would be seen and deeper decline cannot be ruled out. But in any case, downside should be contained above 103.04 cluster support and bring another rally. Above 107.13 will target 100% projection of 94.11 to 104.58 from 100.32 at 110.79 next, which is close to 111.43 key resistance.
In the bigger picture, we're favoring the case that whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. The strong break above 55 weeks EMA affirmed this view. Break of 111.43 resistance will confirm this bullish case and bring further medium term rise to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) and above. And, we'd favor this bullish scenario as long as 100.32 support holds.
http://img687.imageshack.us/img687/4702/imagetu.gif
Price fell yesterday to reach levels of 105.20 and ends with the patch and re-boarding of new, bringing the price to 106.60 levels since morning trading
Although the stochastic is bearish wave, but that climb the strongest force of the formation of any router inverse affect on the price, the stability of the support level 104.50 confirms bullish tendency.
INTRADAY TRADING SIGNAL
EURJPY M15
Market is currently moving inside a triangle chart pattern on this m15 chart. It's approaching the end now.. thus, it's more safe to wait for the breakout signal. I'll prefer to wait for price to break through either side of this rising wedge pattern, and follow the breakout signal.
Trading key for EUR/JPY today :
Daily Pivot : 106.01, Resistance : 106.74 and support : 105.57
Fibo levels :
Fibo 0.0 : 105.27
Fibo 38.2 : 105.72
Fibo 61.8 : 106.00
Fibo 100 : 106.45.
Trend : Bullish.
EURJPY makes an impressive bullish reversal yesterday. A movement towards the recent highs at 107.14 is possible. Support is at 105.28 and 104.10. EURJPY challenging long-term downtrend. Decisive breakthrough that would call for a further strengthening towards the major resistance at 111.60.
INTRADAY TRADING SIGNAL
EURJPY M15
There is a butterfly pattern formed on this EURJPY m15 chart. Based on this pattern strategy, I expect price to go further down to at least 106.14 to gain momentum to climb up again. Take profit levels to consider for this upward movements after price reached the mentioned level, are :
Target 0.382
106.31
Target 0.500
106.35
Target 0.618
106.4
Target 0.786
106.47
Target 1.000
106.56
Target 1.272
106.67
Target 1.618
106.82
EUR/JPY (EURJPY=X) -CCY
107.2045 0.6474(0.61%) 11:45PM EST
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Prev Close: 106.5571
Open: 106.5755
Bid: 107.2000
Ask: 107.2090
Day's Range: 106.5205 - 107.2966
52wk Range: 94.1172 - 111.4242
30 November 2012, Trading key for EUR/JPY :
Daily Pivot : 106.51, Resistance : 106.86 and support : 106.21.
Fibo levels :
Fibo 0.0 : 106.80.
Fibo 38.2 : 106.55.
Fibo 61.8 : 106.40.
Fibo 100 : 106.15.
Trend : Bullish.