Thread: Eur/Jpy
Couple today broke the upper zone of the fractal 122.80 then took another month high, northern trend is still in force and it will likely continue to climb, while on smaller plots started small southern correctional decline, waiting for its termination and the resumption of growth is again looking to buy.
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FOREX MAN (2013-01-31)
i love trading this pair of currency but the worst thing about is it that it is not good for trading at all thee trend are smooth and steady and that way we all get to win [in the market.
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Well a couple on their way to meet the strong north with a sloping medium resistance level from which, after a brief consolidation began its decline, RSI gave a sell signal on the hourly chart and the 4 hour, this indicator has formed south divergence opened selling because I hope to catch at least southern correctional wave.
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EUR/JPY's rally resumed after brief consolidations and broke mentioned medium term fibo level at 123.08. Intraday bias is back on the upside and current rally would now target 130 psychological level next. On the downside, break of 121.21 minor support is needed to signal short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. A medium term rally is now expected that heads back to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) first. Sustained break will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 111.43 resistance turned support holds.
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According to the 30M chart. price is above the kinjun-sen line and kumo cloud is very supportive . Therefore we can expect upward movement.Next target would be 125.00 area.
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Spoiler:
On the hourly chart, price is above the 12 EMA (red) and 72 EMA (blue) indicates the trend is still up
50 RSI line cross above the 50 area, indicates the trend is still up
Recommendation: BUY
Take profitt: 124.24
Stop Loss :122.05
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buy eur/jpy at the level 122.90 with targets at 123.80 and 124.50, but in case of breaking the level 122.40, then sell at this level with targets at 121.80 and 120.50
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long positions at 122.00 with 122.50 and 123.00 as next targets
the breakout of 121.5 will call for arebound towards 121.00
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EURJPY still pushed higher, it seems that the pair will touch 100% monthly fibo at 123.35, and after that the pair may corrected down. Overall there are still no reversal pattern for this pair.
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