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Eurjpyprediction

EUR/JPY To 127.00 First target Then 128.00 OverallMonthly - we can see some reasonably bullish price action with the MA's converging to cross. Showing a longer term bullish direction Weekly - It's the first time in around 12 months that the weekly price action has managed to close above 124.00. Price action is above the MA's; which are crossed to the upside. Daily - We have had a morning star formation at 124.00 - indicating that the price did not like being below 124.00. The bottom of the morning star also touches a 61% Fibonacci retracement. I have 3 Fib's on this pair, one monthly, one long term daily/weekly and the one you can see on this 4hrly chart. The two shorter term fibs both give a D1 extension around the 127.00 area - the reasons behind my first target on this pair. The longer term monthly fib has a target a lot higher, but it just gives me an added bullish conlfuence to the pair. I am looking for a long entry on this pair, using the indicated CTL for an extra reason for going long. I have indicated what I think could possibly happen (see the arrows on the chart) with a pullback and another bounce of the 124.00 level before continuation to the upside. If this does happen it would be a bonus giving us a better risk:reward ratio. I will update when the market opens.
Long
by buykinisuk
2
EURJPY Uptrend Start, or retracement for downtrend continuationNot a setup, but a downtrend continuation prediction is what I have in mind. Price could follow the uptrendline, to continue up as Fibonacci tool predicts where it will lead to, while 117.7 hit 61.8% & may be enough to continue downtrend with Traders Dynamic Index indication of reversal from an uptrend start. Or price to move up according to its minor fibonacci lines 61.8% to 119.6, being, still at a red zone of the major fibonacci, allowing a turning point in the future to continue down if other conditions necessary continue to be met at that time.
Short
by YardleyRosette
EURJPY Long TradeToday’s trading idea is coming from EURJPY. I have been waiting for a price action setup, which has finally come. As discussed with one of my followers (Dan) in the comments section, I finally had a confirmation from price. If you look at the daily chart of the EURJPY, you will find out that there is a pin bar, which is forming on the support level of 118.00. It seems to me, the time is ripe for a long entry now. I will be looking to place my stop-loss just below 117.00. My first price target is the level of 119.500. My next target (depending on price action) is the level of 123.000.
Long
by colibritrader
what's most importantEURJPY found support last year at the lower bound of a multi year channel (109.50) and a swift recovery has taken shape since then. It headed towards an intermittent hurdle near 124 the 76.4% retracement from march2016. Currently the pair is retesting the channel limit at 11.70 in what appears to be the fourth wave from an elliot perspective. With the daily indicators closing in on support 119.70 should contain nearterm downside. A break above will take it towards 122.50/123 with the next handle at the recent high of 124.
by TheBanker
2