Retracement started from the 76% fib and I have a target at 123.0772. A clear upward break of the 1 hour ichimoku further supports another leg up from here. EMAs are trending down however so just make sure to respect your stoplosses if you are long.
EURJPY seems topping on daily chart. Either it moves correctly down to FIBO retracement levels (this move is preferred and backed up by MACD) or moves further up breaking through the resistance line around 141 level. This latter is however not my preferred continuation.
EUR/JPY finding resistance at 139.50's, price action on 1H + 4H looking indecisive/bearish.
Long term trend line break adds further confirmation of short bias, short term down trend has formed on 1H time frame.
Three tests of structure resistance on 1H time frame also indicates lack of upward momentum, short term bullishness is only abouve 139.50's.
Looking...
Entry area between 128.21 (minor support) and 129.261 (Cypher Point D)
Stops @ 124.868, below Point X and structured support from 13/06/2013 and 16/04/2013 (look left to Ellipse)
Targets @ 133.63, just below 38.2 of CD
1 to 1 Risk/Reward if entry is at Point D exactly
A long set up to keep on you watch list. Long if the blue line is hit and reversal candlestick pattern forms. Confluence is not bad at all, target is the last swing high 141
133.09 = SELL STRUCTURE
136.94 = BUY STRUCTURE
EURJPY HAS BEEN IN A NICE UP MOVE, ACCORDING TO THE 4HRS.
WE STILL HAVE TO BUY INTO DIPS BECAUSE OF THE LAST STRUCTURE HIGH OF 136.94.
THE ONLY RESERVATION WHICH IS NORMAL IS THE BREAKOUT & RE-ENTRY OF PRICE INTO THE 136.20.
* wE ARE GOING LONG FROM HERE (134.40) TO TARGET (136.20)
* STOP PLACED BELOW 133.80
EUR/JPY just cleared long protective stops from the last 5 hours.
Appearance of a trendline break most likely also suckered in fresh shorts.
Watch for this to run up to the 136.18 area, that is 50 pips up from our current location.
**5/20 update: this long call was only good for 20 pips, never made it to the 136.18, and monster 100+ pip short bar took all...
EURJPY has an aligned bullish trend on the 4HR and Daily charts. The strong momentum at the start of the trading week is a good signal. Every other pair like USDCAD, EURUSD, GBPUSD are all taking a rest from their Daily trends.
No take profits, trail your stop loss below PSAR.
Expecting a retracement due to strong 200ema resisitance before next leg up in line with EU. Possible formation of inverse head and shoulders (C retracement). Targets 138.585 & 142.00
