Eur/Jpy

Finally the pair penetrate the strong resistance level @ 1.3124, and now it is trading above this level, so i expect it will go up till the next resistance @1.3170 before the market close.

we will wait tomorrow

The EURJPY on bulls too. We see if then buyer can break up to more that resistance 109.97 . make plan to search again for buy OP here (then)

The fall of the Japanese currency was replaced by the euro and the pair still continues its northward movement, and so closing the trading week was again on the highs ... and the trend of other couples so it is visible that the euro may also be added .... so this pair look only to increase, but at a good pullback ...

nice, good to know

---------- Post added at 11:07 AM ---------- Previous post was at 11:06 AM ----------

gdfg gdfg gfg

it's an underwhelming documentary. it's not a trading education tool, it's just a snapshot in the life of ptj. as to the 'fundamentals or vague technicals'... you almost sound surprised he isn't trading on an EMA cross. the 'elliott wave' sounds wrong. the voiceover says this, but what the guys ACTUALLY say is they base an expectation of future movement on similar situations in the past. i didn't see any plotting of A waves and B waves and C waves etc etc, so maybe just take that part with a grain of salt because what they showed does not sound, to me, like what people today refer to by elliott wave theory where they start chanting to a triangle wearing robes and sketching pyramids on their charts with aliens living on the moon... so to speak.

Gap opening, hmm it is possible EURJPY will close the gap. So I prefer to go sell until the gap is closed, it will be at 109.89. Afterward, the pair will likely pull up.

EUR/JPY Weekly Outlook

EUR/JPY's rally extended to as high as 109.79 last week and momentum is still strong. Initial bias remains on the upside this week for 100% projection of 94.11 to 104.58 from 100.32 at 110.79 and then 111.43 key resistance level. On the downside, below 108.65 minor support will turn bias neutral and bring consolidations. But retreat should be contained above 105.97 support and bring another rally.

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 sustained 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 104.58 resistance turned support holds.

In the long term picture, the down trend from 169.96 is viewed as a corrective move even though it's very deep comparing to the rise from 88.96 (00 low). It could either be a correction or part of a consolidation pattern but that's not too relevant as the range of 88.96/169.96 is so large. The relevant point is that we don't anticipate a break of 88.96 low. And hence, reversal should be around the corner

if then buyer can not up again to more that supply zone at 111.50 Yes search again for sell is better with use max. SL on above the 111.50, I see.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 109.31; (P) 109.65; (R1) 110.25

EUR/JPY rises further to as high as 111.17 so far today and met mentioned 100% projection of 94.11 to 104.58 from 100.32 at 110.79. Intraday bias remains on the upside for 111.43 resistance. Break will have larger bullish implications and should 161.8% projection at 117.26. On the downside, below 109.04 minor support will turn bias neutral and bring retreat. But downside should be contained above 105.97 support and bring another rally.

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 sustained 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 104.58 resistance turned support holds.

short positions at 110.65 with 110.40 and 110.10 as next targts

the breakout of 110.92 will call for arebound towards 111.20