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Eurjpyidea

EURJPY bouncing off major support!We’re seeing price bounce off an area of really nice support at 133.90 onwards (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap support, bullish price action) and a strong bounce could occur at this level to push price up towards 134.74 resistance (Fibonacci extension, horizontal swing high resistance). Our next major level of support is at 133.39 (Fibonacci retracement, horizontal swing high support). Stochastic (21,5,3) is seeing major support above 3.8% where a corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
EURJPY H4 *Potential Head & Shoulders Pattern*Currently have what looks like a retracement on the downtrend with EURJPY , up to the 50% zone. It is also sitting around a support / resistance at this level too, there is the potential for a head and shoulders pattern to complete, with indicators showing the bull power slowly running out. This could start the final leg of the right shoulder. I will be waiting for a break of the neckline and re-assess how it looks then, if it is all good then I could short down to the supply / demand zone which has been proven to be a strong turning point for this pair over the past few weeks. NFP today to so it could blow everything out of the water!
Short
by JordanWillson
What lies for Euro-Japanese Yen's future?For quite some days, the Euro-Japanese Yen has been solely consolidating within this range despite the further decline of other Euro Forex pair. That being said, this may be qualified to be an NR7 trade; it is also called as Narrow Range 7 day bar. With the NR7-qualified trade, we can also see a possible formation of a triple-top-double-bottom... or a possible formation of a head & shoulder... and the consolidation is just sitting at the neckline! With a tight range running, a high risk-reward ratio setup may be placed upon this! With such consolidation, I am expecting a huge move!
by bearvsbullmarket
EURJPY right on major support, time to buyBuy above 123.15. Stop loss at 122.49. Take profit at 124.15. Reason for the trading strategy (technically): Price has dropped strongly and is now testing support at 123.15 (Fibonacci extension, Fibonacci retracement, horizontal swing low support, bullish divergence) and we expect to see a strong bounce above this level to at least 124.15 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing strong support above 4.7% and also sees bullish divergence signalling that a bounce is impending. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
EURJPY testing major support, remain bullishBuy above 124.18. Stop loss at 123.62. Take profit at 125.24. Reason for the trading strategy (technically): Price is now testing our major support. We remain bullish looking to buy above major support at 124.18 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 125.25 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from and also sees bullish divergence signalling that a bounce is impending. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange
EURJPY profit target reached. Turn bullish above major supportBuy above 124.35. Stop loss at 123.65. Take profit at 125.25. Reason for the trading strategy (technically): Price has reached our profit target from last week. We prepare to buy above 124.35 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 125.25 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from. Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY, USDJPY and EURJPY. Hence this falls very nicely into a correlated move.
Long
by MEX_Exchange