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EUR / JPY on the frame daily and after the rise of the pair traded in the morning to trade above levels 61 fib could not pair stability above this level for the return of the new fall below this level if closed candle today under 61 is expected to see tomorrow further decline
While there is nothing left than to wait for the breakdown of one of the levels of the side channel in which the pair is now, while I am inclined to the southern version of the course and the exit to the level of 96.00, as on the monthly chart shows Stochastics and selling.
As we predicted yesterday, the spot rate bounced off on the intermediate support of its medium term bearish channel at 98.30 and approaches now the upper limit of its channel at 99.00 suggesting a decline. However, a break of these levels will free a large potential and initiate violent bullish channel.
Technical indicators do not provide clear signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility. Furthermore, the superior band strengthens the upper limit of the channel supporting the hypothesis of a violent movement in case of failure.
As the spot rate is currently testing the upper limit of its channel, we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest a sell on the level of 99.00 with the 1st objective at 98.40 and then at 98.20. A breakthrough of 99.20 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means buying the spot rate as soon as it is broken through its resistance of 99.00 with the 1st objective at 99.60 and then at 99.80. A breakthrough of 98.80 will invalidate this scenario.
My H4 chart indicates that the pair still moving in a rectangle since a long period , so i think it will be a great chance to start buying near the support level @23.6% fibonacci or near the shown bullish trend , and also with a small stop lose few pips below this trend ,
Attachment 4209
EUR / JPY also predicted in my last response on this pair fell today until the next support level at 97.95 and was unable to break back then for the rise strongly prohibit He now consumption above fib closing 61 day above this level means more to climb
http://www.pictureshack.us/thumbs/23174_EURJPY.JPG
EURJPY 1H Time Frame
Price now broke the middle line of the brown channel , and there is a strong resistance line on 99.15 , so we can wait untill price go for 99.29 or the high line of brown channel then we can choose from sell or buy deals
EUR / JPY on the daily frame, we find that the pair rose yesterday strongly and closed above 76 fib levels at 99.52 for the pair continues today toward more climb better to wait close candle week to determine the likely direction for the next week
i think that we should wait until EURJPY reach the resistance level on the daily chart @38.2% then we can sell this pair after that our target point will be @23.6% as we have a support level @ this level.
The trend of the market took its toll and the couple went to the top ... now we can see a very clear parameters on the nearest trading day is a pronounced trend to the top, and a good support at 99.80 ... so that from this level you can try to try to catch the movement with the goals to 101.30 ...
EUR/JPY remains on the upside and current rebound from 94.11 should extend to 38.2% retracement of 111.43 to 94.11 at 110.72 first. Break will target 101.62 key resistance next. On the downside, below 99.59 minor support will turn bias neutral and bring consolidations. But retreat should be contained above 97.98 support and bring another rally.