So, Here on the Euro/ Yen (EUR/ JPY) we have a Bat Pattern that PA has tested and bounced right out of it. Its quite a big pattern so it carrys some good weight. i have included the 1.27 abcd over extension which is toward the top of the PRZ and the 1618 and the ABCD pattern completed at the same spot. And the 886 is somewhere in the middle!
so now on to the fundamental analysis part...(COT Trial)
------------------------------------------------------------------EURO COT REPORT ---------------------------------------------------------------------------------------------------------
Non-Commercial Commercial Total. Non-Reportable
Long Short Spreads Long Short Long Short Long Short
167,756 95,194 6,820 295,367 397,961 469,943 499,975 77,263 47,231
Changes (Change In Open Interest: -123 )
-4,224 +1,354 +332 +997. -2,866 -2,895 -1,180 +2,772 +1,057
(CONTRACTS OF EUR 125,000) Open Interest: 547,206
------------------------------------------------------------YEN COT REPORT -----------------------------------------------------------------------------------------------------------------
Non-Commercial Commercial Total Non-Reportable
Long Short Spreads Long. Short Long. Short Long Short
52,038 24,568 1,381 71,027 98,736 124,446 124,685 23,529 23,290
Changes (Change In Open Interest: -5,395 )
-4,269 -3,802 -30 -1,333 -2,863 -5,632 -6,695 +237 +1,300
(CONTRACTS OF JPY 12,500,000) Open Interest: 147,975
So here we have the COT reports of both pairs and again i pull this information off tradingster.com!
so what we have is the hedge funds attempting to move the euro up with 164,xxx orders with another 24,xxx orders going against the Yen bringing the total to 188,xxx orders favoing the Euro or Against the Yen. Conversley, we have 95,xxx going against the Euro and 52,xxx orders favoring the yen (downward movement on the chart) bringing th total orders to 147,000 orders supporting the yen and going against the Euro. So, With this particular pattern i think with the way PA is looking now and the way the COTs are looking heavily favoring the Euro i could see PA coming back this week and retesting the PRZ and maybe even testing the Harmonic Optimal Price level before giving way to the Commercial traders and their whopping 400k orders short along with the yens 124k longs.
this pattern will be very interesting to see how this COT trial plays with this pair!
so now on to the fundamental analysis part...(COT Trial)
------------------------------------------------------------------EURO COT REPORT ---------------------------------------------------------------------------------------------------------
Non-Commercial Commercial Total. Non-Reportable
Long Short Spreads Long Short Long Short Long Short
167,756 95,194 6,820 295,367 397,961 469,943 499,975 77,263 47,231
Changes (Change In Open Interest: -123 )
-4,224 +1,354 +332 +997. -2,866 -2,895 -1,180 +2,772 +1,057
(CONTRACTS OF EUR 125,000) Open Interest: 547,206
------------------------------------------------------------YEN COT REPORT -----------------------------------------------------------------------------------------------------------------
Non-Commercial Commercial Total Non-Reportable
Long Short Spreads Long. Short Long. Short Long Short
52,038 24,568 1,381 71,027 98,736 124,446 124,685 23,529 23,290
Changes (Change In Open Interest: -5,395 )
-4,269 -3,802 -30 -1,333 -2,863 -5,632 -6,695 +237 +1,300
(CONTRACTS OF JPY 12,500,000) Open Interest: 147,975
So here we have the COT reports of both pairs and again i pull this information off tradingster.com!
so what we have is the hedge funds attempting to move the euro up with 164,xxx orders with another 24,xxx orders going against the Yen bringing the total to 188,xxx orders favoing the Euro or Against the Yen. Conversley, we have 95,xxx going against the Euro and 52,xxx orders favoring the yen (downward movement on the chart) bringing th total orders to 147,000 orders supporting the yen and going against the Euro. So, With this particular pattern i think with the way PA is looking now and the way the COTs are looking heavily favoring the Euro i could see PA coming back this week and retesting the PRZ and maybe even testing the Harmonic Optimal Price level before giving way to the Commercial traders and their whopping 400k orders short along with the yens 124k longs.
this pattern will be very interesting to see how this COT trial plays with this pair!