Thread: Eur/Jpy
The reason might be that investors and traders are waiting for important fundamental data from the Fed later this week and are not very eager to open new positions beforehand. Moreover, please notice that only a sustained breakout above the level of 132.87 would change the technical picture. On the other hand, any failure at the level of 128.03 might result in another test of lows.
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The price of the pair is still maintaining a passive stability without breached support level and the level of 128.75 to stay pending the formation of a new negative waves and then access the first target at 126.10. Stochastic attempts to support the acquisition price for the determination of a new negative Ptkhals saturation level of sales to wait for the formation of a new price for negative Moajat with an emphasis on the importance of the stability of the broken support to avoid any positive fluctuate unexpectedly.
Expected trading range for today between 128.70 and 126.10
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Spoiler:
Daily Forecast
Pair: EURJPY
Major Trend: Bullish
Time Frame: H1
Reason: Possible to mi GGU this, the market will lead to retest 129.68 weekly support earlier. To this day because the RSI is above 50, then the target is at 129.06
Recommendation: Buy
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We have seen the expected minor correction to 130.09. Now, we should see the next decline to 126.51 in blue wave v and red wave iii. This is the last part of the decline towards the ideal target at 125.98. It is likely to be choppy, as a series of wave three, four, and five is developing. In the short term, a break below minor support at 126.17 confirms the decline towards 126.51, which again should be followed by a minor correction that should stay below 128.00.
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Basic levels of EUR/JPY:
129.45 / 50: Medium sales offers.
129.00: medium-sale offers.
128.55 / 60: Medium sales offers.
127.99: Fibonacci retracement level of 50% during the pair's trading range throughout the day between 126.91 and 129.07.
127.74: the current exchange rate.
126.91: Fibonacci extension rate of 1.618 during the course of the pair emerging from 127.65 to 128.84.
126.50: Requests strong buy / technical barrier / stop loss orders.
126.00: Requests strong buy / technical barrier / stop loss orders.
125.50: Requests strong buy / technical barrier / stop loss orders.
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pair- eur/jpy
time frame to analysis- h4
the rsi indicator is moving out from the oversold level 30 and the price is making doji pattern. its up movement expected with breaking the resistance at 129.75 level. hold the short entry with profit target at the 126.00
good luck
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the daily out look is bearish and the hourly time frame are bearish too the price is trading at its pivot level 127.79 and it may go to its supprt daily level at 126.54 the next support level are at 125.65 and 124.40 the resistance level are at 128.68 and 129.93
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Daily Forecast
Pair: EURJPY
Major Trend: Bearish
Time Frame: H1
Reason: Market has been rejected in the daily pivot point at 127.79. Furthermore, the market is expected to continue to fall to 126.79, or lower at 126.47
Recommendation: Sell
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the EURJPY plunged to the lowest level in near two years by breaking the 50.0% FE of its January decline and is likely stretching its downward journey to test 128 horizontal support. A break of 128 could make the pair vulnerable to test 100% FE, near 125 mark with 126.30 and 126 being intermediate support levels. On the upside, 130.50, including 61.8% FE, and the 131.50, could restrict pair's immediate up-move before it rallies to 132.40 horizontal resistance, breaking which the pair can immediately rally to descending trend-line resistance 132.80 at present, which becomes important resistance to determine medium-term EURJPY moves.
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Daily Forecast
Pair: EURJPY
Major Trend: Bearish
Time Frame: H1
Reason: Market still be heading down after successfully penetrate the pivot point at 128.55, the price of which may be addressed is 128.03
Recommendation: Sell
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