Eur/Jpy

EURJPY is moving between the support and resistance level now.
If EURJPY can break 97.48, EURJPY may go up to the resistance level at 98.45
If EURJPY can break 96.45, EURJPY may fall to the support level at 95.57

EURJPY broke pivot (97.16), then chances are this the pair will go up towards the 98.26 level. But if the price back down below the pivot, this pair will probably come down to a level of 96.53

http://i49.tinypic.com/1z1wml5.gif

The short term trend of the pair is to the downside. Intraday trading range of the pair is expected among key support at 93.35 and key resistance at 98.60. Based upon my chart analysis, I prefer to buying the pair around 96.80 with targets 97.35, 97.75 then 98.60 and stoploss with four hour candle closing below 95.60.

The pair now came close to the maximum of the week, and do not even think to turn to the south, today the rate has grown well, I think that after such an increase should be expected at least a small correction of the south, on the level of 97.77, and I expect it.

The course today, and so let the wave of a strong north, and I do not think that at the end of the trading day it enough strength to break through the resistance level of 97.80, about which the price has advocated for several hours, the goal I have about 97.30 and we'll see.

If we look on the previous candle of EURJPY, it has formed an outside bearish candle and it occurs on the resistance level at 97.48
I think EURJPY will fall today and may reach the support level at 96.45
But this scenario will fail if EURJPY can break the yesterday's high at 97.80

INTRADAY TRADING SIGNAL

EURJPY M15 -

the pair has a just showed a strong breakout above the upper trendline of a triangle pattern.
GO LONG AND SET TARGET AT 97.41.. :)

http://i48.tinypic.com/ddgrkk.gif

The short term trend of the pair is to the downside. Intraday trading range of the pair is expected among key support at 93.35 and key resistance at 98.60. Based upon my chart analysis, I prefer to stay aside from the pair until we get a confirm setup for the upcoming big move.

Yesterday a couple of still strayed from the resistance 97.77, and continues to fall to the south, the southern end of the wave should be expected around the level of 96.68 + - of him, I think maybe at least correcting the northern movement, and yet to sell a little bit late.

Support & Resistance 08/08/2012

Sup 1 : 97,02
Sup 2 : 97,07
Sup 3 : 97,11

PIVOT : 96,98

Res 1 : 96,92
Res 2 : 96,89
Res 3 : 96,83