Subscribeeur/jpy downtrend start by trying to test support at 133.90 area. Break down this area could bring down even further eur/jpy to next support line at 133.60. While the resistance area at 135.20.
Thread: Eur/Jpy
eur/jpy downtrend start by trying to test support at 133.90 area. Break down this area could bring down even further eur/jpy to next support line at 133.60. While the resistance area at 135.20.
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The pair continues stabilizing above 134.15 keeping the upside move valid on intraday basis, supported by the intraday ascending channel showing on graph. The next target resides at 137.80, as breaking 134.15 then 133.20 halts the expected bullishness and pushes the pair to the downside.
Support 134.15 133.20 132.40 131.65 131.10
Resistance 135.05 135.80 136.45 137.60 137.80
Recommendation
Positive expectations above 134.15, risk-limit below 133.20.
---------- Post added at 04:26 AM ---------- Previous post was at 12:52 AM ----------
EUR/JPY Daily Outlook
Daily Pivots: (S1) 133.67; (P) 134.32; (R1) 134.98
4H
EUR/JPY is holding above 132.37 minor support for the moment. Recovery from 130.13 could extend but we'd expect upside to be limited by 137.63 resistance and bring fall resumption. Below 132.37 minor support will turn bias to the downside for retesting 130.13 first. Break will extend recent down trend and target next medium term fibonacci level at 128.50.
---------- Post added at 04:32 AM ---------- Previous post was at 04:26 AM ----------
D1
In the bigger picture, the break of 134.13 support should confirm medium term topping at 149.76, on bearish divergence condition in weekly MACD. Deeper correction should now be seen to 38.2% retracement of 94.11 to 149.76 at 128.50 first. Based on current momentum, the correction could go deeper to 61.8% retracement at 115.36.
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Spoiler:
Daily Forecast
Pair: EURJPY
Major Trend: Bearish
Time Frame: H1
Reason: There is still a possibility the market will lead to 134.23, because there is still a previous support area. When viewed from the RSI has recommended to sell
Recommendation: Sell limit in 134.23
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Possibility EUR JPY will experience up a bit then will resume its downtrend to level S3. or may be lower than that level. But we need to put SL on MS1 so when the price reverses we did not experience many losses.[COLOR="Silver"]
Last edited by Bieela; 2015-02-09 at 07:27 PM.
Weekly
In the long term picture, rebound from 94.11 long term bottom is having an impulsive look and thus, indicates that it's far from being finished. While it's possibly now in a medium term correction from 149.76, such up trend is expected to resume after the correction completes.
---------- Post added at 09:18 AM ---------- Previous post was at 07:37 AM ----------
4H
Daily Pivots: (S1) 134.05; (P) 134.61; (R1) 135.23
The corrective recovery from 130.13 could still extend higher in near term. But upside of recovery should be limited by 137.63 resistance and bring fall resumption. Below 132.37 minor support will turn bias to the downside for retesting 130.13 first. Break will extend recent down trend and target next medium term fibonacci level at 128.50.
---------- Post added at 10:41 AM ---------- Previous post was at 09:18 AM ----------
D1
In the bigger picture, the break of 134.13 support should confirm medium term topping at 149.76, on bearish divergence condition in weekly MACD. Deeper correction should now be seen to 38.2% retracement of 94.11 to 149.76 at 128.50 first. Based on current momentum, the correction could go deeper to 61.8% retracement at 115.36.
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eur/jpy uptrend start by trying to test support at 134.16 area. Break down this area could bring down even further silver to next support line at 133.75. While the resistance area at 135.31.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
D1
In the bigger picture, the break of 134.13 support should confirm medium term topping at 149.76, on bearish divergence condition in weekly MACD. Deeper correction should now be seen to 38.2% retracement of 94.11 to 149.76 at 128.50 first. Based on current momentum, the correction could go deeper to 61.8% retracement at 115.36.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
As we can see in the weekly time frame, the price is at the 23.6 level of fibonacci ratios at 134.74, that's why we can get in short position with take profit at 130.16.
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EUR/JPY Weekly Outlook
4H
EUR/JPY retreated mildly last week but stayed above 132.37 minor support. The corrective recovery from 130.13 could still extend higher in near term. But upside of recovery should be limited by 137.63 resistance and bring fall resumption. Below 132.37 minor support will turn bias to the downside for retesting 130.13 first. Break will extend recent down trend and target next medium term fibonacci level at 128.50.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
I think that the resistance level at 135.14 will make the price fall down to the support level at 134.06 that's why we can get in short position when the market open.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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