Look like the falling wedge(correction) is going to end. Very good time to buy now and keep for long term.
Here we have EURJPY hitting a very major Support line . How major? 2010 High 2012 Low And now we have finally come back to test it in 2016 . Of course the EU Referendum is having a Major impact on this pair, hence its continuous decline in the coming months. But I believe that history will have an impact on this pair and it will climb its way back up...
I think down trend will be ended when the price hit 119.921...
Looking at the Monthly charts and where this Pair may go I have mapped a possible cypher pattern, We have had the X to A and A to B legs form. Point C would be in line with previous area of ressiatance and Point D also falls in place with previous support
I say Possible as over the last week or so on several occasions I felt we were formign a double bottom only to push futher lower. Yesterdays cande does have a longer wick which rejected a close lower so wills ee if we see a push higher.
Zeroing in on 122.50 to go long for a couple of hundred pips. there is a lot of downside potential still but this where fundamentals comes into play for me. top of the channel is the first TP from there we will see. This trade idea is not set in stone. But i know as much I am not a bear.
I have been watching the 4hr and Daily Time frames and felt that we had reached the bottom, the pair has pushed a bit further lower as we can see with the wick on this weeks candle If the cande doesn't close outside of this box I feel we could see a reversal in the coming weeks
If the Daily candle doesnt close lower I feel we will see a rise from these levels. Previous area of Support and has risen from here before
This pair shows exhaustion to the downside coupled with divergence. So the months long correction is possibly closer to the end. Buying any breakout is a good idea.
1. Price may continue going down to .382 (S3), if it breaks the S3 price should retrace off the channel and go into an uptrend. 2. Possible reversal at 122.417 & 122.216 4. Once the resistance level at 122.739 is broken it turns into support for the uptrend 5. Once uptrend starts price may retrace 2 times before reaching target. 6. Watch for the retracement and...
Bullish Gartley pattern in a consolidated market. Larger trend is bearish so may want to opt for more conservative targets. Stops go behind X.
Below its technical fair price and at its 2016 support would be an interesting opportunity
FX:EURJPY This is an update to my previous published idea: Safe Trades;
Yesterday I mentioned that we have the potential for a bullish 2618 opportunity on the EURJPY 4 Hour. As we dug down to our intraday trading timeframes in yesterday's Live Trading Room session we identified another level that could end up giving us our first chance at getting long. We'll see what the market has in store for us today, but this could end up being...