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EurJpy can drop 500 pipsTwo days ago I said that EurJpy could correct some and reach 130 zone. However, the pair looks very weak and seems like a break of support is imminent. Looking at a longer TF, we can see that the pair has formed a very large double top starting from April, and a break here would confirm the pattern. I'm bearish this pair and I think that the 500 pips target from the double top will be reached in medium term. Sell rallies can be a good strategy and EurJpy above 130 would negate this scenario
Short
by Mihai_Iacob
2
EUR/JPY Nice Pullback From Trendline Support Zone. EUR/JPY nicely pullback from its trendline support zone. 128.00 was double bottom zone. But EUR/JPY broke below 128.00 and tested its trendline support area at nearly 127.50. If today's daily candle closes a full-body bullish pattern, we can hope that EUR/JPY will test the 130.40/50 price zone very soon. 130.40/50 is an absolute strong resistance zone. Many times market-tested 130.40/50 but couldn't break it. So, it is expected beyond price action analysis that the price will act as a strong resistance zone. But breaking above 130.40/50 will open the door for 133.--/133.20 price zone. On the other hand, EUR/JPY breaks below the trendline support zone, we may see another knee-jerk downside pressure on EUR/JPY. EUR/JPY will only drop if the Covid situation becomes worse. Otherwise, EUR/JPY reached its bottom price, so it is expected that the EUR/JPY may rise from the price zone. If EUR/JPY breaks below the 127.50/30 price zone, we may go short, and the downside target will be 126.00. Breaking below the trendline support level, our long target will also be invalid.
Long
by Gold_Trading_Expert
EURJPY | Perspective for the new week | Follow-up detailsWith over 400pips in the kitty from our last speculation on this pair (see link below for reference purposes); It appears that the correction of the Impulse leg has begun following the Breakdown of JY132.800 and JY132.300 level respectively. As the Euro runs out of steam against a potentially strong Yen from a short term perspective, the current position in the market is laced with some warning signals that proposes a near-term short position in the coming week(s). Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Head & Shoulder) Observation: i. Since mid-September 2021, the Euro recorded a 4.34% growth over the Yen to set the tone for a Bullish momentum in the long term. ii. And since hitting a peak @ JY133.500 during last week trading session, we witnessed a downward spiral that evolved into a Head & Shoulder look-a-like with an emphatic signal for a reversal. iii. Head & Shoulder: The appearance of a baseline with three peaks, where the outside two are close in height and the middle is highest reveal the possibility of the risk of a further decline in price in the coming week which could also be a correction of the Bullish momentum that began in September 2021. iv. With the recent Breakdown of the JY132.200 (a level that held price "supported" in the last 7 days) on Friday sets the pace for the Bears as confirmation of the Head & Shoulder pattern appears to be sealed! v. The early hours/days of the new week might see a price climb to test the Neckline of Reversal pattern @ JY132.300 or climb as far as JY132.800 which is within the New Supply niche identified on the chart to incite further decline. vi. Coupled with the Key level, the Bearish Trendline should serve as a yardstick to mitigate against taking an unnecessary short position in the coming week(s). vi. Please note that the Bearish narrative is believed to be a short term perspective aiming at a rejection of Neckline of the Double Bottom sighted on the Daily/Weekly time frame (see link below for previous publication in the link below for reference purposes) for a Bullish continuation hence it is appropriate that we stay on alert for unsuspecting Bullish incitation considering the facts that this is a long-term Bullish expectation ... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 180 pips. Risk/Reward : 1:5 Potential Duration: 2 to 5days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry