EURJPY able to reach the level of 107.20 / 30. Most likely growing decline to the level of 104.70, just below the first support level near 105.20. Currently, more likely to be ready for a correction; until the price is below 107.90 / 108.00.
Thread: Eur/Jpy
EURJPY able to reach the level of 107.20 / 30. Most likely growing decline to the level of 104.70, just below the first support level near 105.20. Currently, more likely to be ready for a correction; until the price is below 107.90 / 108.00.
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The spot rate is currently testing the intermediate resistance of its medium-term bullish channel at 107.60. It seems that a decline was initiated. However, a break of these levels will free a large potential and reach the upper limit of its channel at 108.40.
Technical indicators provide buy signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
The spot rate is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 107.60 with the 1st objective at 107.00 and then at 106.80. A breakthrough of 107.80 will invalidate this scenario. The second scenario is a break of its resistance where we advise a buy stop which means to buy the spot rate as soon as it is broken through its resistance of 107.60 with the 1st objective at 108.20 and then at 108.40. A breakthrough of 107.40 will invalidate this scenario.
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I am getting ready to open a short position as the pair had just come close to the level of resistance-inclined upper boundary of the rising channel that has repeatedly occurred southern retreat, an additional signal to sell should be stochastic signal on the hourly chart, and the formation of the upper fractal.
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Time frame- H1
we can see that price will hit it daily resistance 2 and close above resistance 108.00
se there is price will move continue up direction but as per the stoch indicator pair will become over sold so sop loss will at 107.80 and take profit is 108.50
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Couple just broke another resistance level 107.86, this opened the way for the breakdown 111.00 mark, opened a purchase, while still below 107.90 (opening 4 hour candles), as the market tends to strengthen the Euro-index think this fact will give more chances for growth .
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Couple just came to the strong resistance of 107.95, 108.00 (figure) but still close its purchase is not in a hurry, I think that would be a breakthrough of this level (then going to add another purchase), but if you now begin to consolidate and spread to the south-OVER for sale .
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EUR/JPY is staying in range below 107.95 and intraday bias remains neutral. More consolidations could still be seen but, retreat should be contained by 105.27 support and bring another rally. Above 107.95 will target 100% projection of 94.11 to 104.58 from 100.32 at 110.79 next, which is close to 111.43 key resistance. Though, break of 105.27 will dampen our bullish view and turn focus back to 100.32 key near term support instead.
In the bigger picture, we're favoring the case that whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. The sustained break above 55 weeks EMA affirmed this view. Break of 111.43 resistance will confirm this bullish case and bring further medium term rise to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) and above. And, we'd favor this bullish scenario as long as 100.32 support holds.
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Support: 106.11
Pivot: 107.06
Resistance: 108.01
trendspotter buy
7 day average directional indicator buy
10-8 day MA hilo channel hold
20 day MA VS Price buy
20-50 Day MACD oscillator buy
20 Day Bollinger Bands hold
Technical Analysis for EURJPY 60% Buy
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Simple analysis for EUR / JPY, Dec. 12, 2012.
WMA 50 and 100, in the time frame H1 still bullish position. While the AO indicator was in the area sell (<0). This shows that the pair EUR / JPY will be corrected until the price 107.06 (pivot). Meanwhile, the first resistance at 107.66, the 106.72 support first. Good luck .....
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