Thread: Eur/Jpy
eur / jpy went to the northern lights out of 200 MA (support for 102.20), the pair even managed to overcome short-term resistance level of 102.75 which was an additional signal of intent bulls, it seems they will lead the course to 103.80 (to him void.)
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The trading range for today is among the key support at 100.75 and the key resistance at 103.70.
The short term trend is to the upside target at 109.15 intact 98.75 weekly closing
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Bearish supposed to end at around 102.34, followed by a movement to rise above 103.24 as recovery. After that, EURJPY be corrected back to a limited extent.
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Only that there was a retreat from the northern support 102.18, the pair started to form a new wave of northern and rehearse a buy signal MASD, the hourly chart rate started punching the alligator slide, goals have northern - 103.00,103.80 level.
pair is still bearish divergence MASD work on the daily chart, the 4 hour time frame is noticeable resistance 102.74 from which rate resumed its decline, moving at break 200 add another sale.
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Eur/jpy back to positif area. This positif statement occured after price can retrace up from weekly support 1 (102.29). Price come back up to opening level and now, it has break up monthly pivot level (102.57). But price can not able to continue up, just move around upper monthly pivot level.
Expected trading range for the day between 102.70 and 104.00
General tendency for the price: UP
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Spoiler:
At the H4 chart, the price is below 12 EMA (red) and 72 EMA (blue) indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Target: 100.27
Last edited by VANDA_S; 2012-11-06 at 11:25 AM.
short- now the time is come to sort this pair. this is not able to make more up movement and not able to cross 104.50 price level. we can short with 104.50 stop loss and first take profit 101.00 if this is also break then price will try to touch 100.00 level.
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Elliott: flat correction down 102.18
Current fall is near an end of wave around 102.34 zone, a rally should then procede to above 103.24. Fall below 101.95 would cancel this scenario.
Warning: Imminent end of bearish move
Technical points
Key point 102.5900
Entry point 102.8700
Elliott 104.0000
Closing 102.7400
Projection 102.1800
Trendline 103.4100
Trendline 102.8200
Supports / Resistances
Res 2 103.7400
Ex-High 103.3400
Res 1 103.2400
Pivot 102.8400
Sup 1 102.3400
Ex-Low 102.4500
Sup 2 101.9500
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