EURJPY: Asian foreign exchange decline, dollar stable; The Yen cJapanese Yen weakened after intervention, USDJPY increased
Markets are now looking for more information on Japan's inflation and wage growth to gauge whether the Bank of Japan will raise interest rates further this year, which is expected to bring some relief for the Japanese currency.
Eurjpysignal
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EurJpy- Test of 170 once more?
For over two years, OANDA:EURJPY has been experiencing an upward trend. The pair is ascending within a clearly defined rising channel.
Despite a drop at the end of last year, triggered by JPY repatriation, the overall trend remained intact, and EURJPY resumed its upward trajectory at the beginning of this year.
The end of April saw the pair reach a new all-time high, followed by a rapid and aggressive decline induced by the BoJ intervention.
Currently, 164 stands as a strong floor. As long as this level holds, further gains towards 170 can be anticipated.
DeGRAM | EURJPY channel testingEURJPY is moving in an ascending channel between the trend lines.
Volatility has increased.
The chart has fallen under a strong resistance level.
We expect a decline after the resistance retest.
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LONG EUR/JPY from 166.87It may have escaped some traders notice that the JPY has been hammered in the last few months.
So much so that GBP/JPY hit 200.49 earlier today, USD/JPY hit 160.00 and EUR/JPY hit 171.65.
Some of these are historic highs, in fact USD/JPY is a 30 year high.
I'm unaware of any intervention by the BOJ that would cause the 570 pip fall in USD/JPY (mirrored EUR and GBP) but all the signs are that JPY SELLERS are steaming back into this market and we may see a return to the recent highs.
Getting LONG here looks a no brainer as we could see this pair go from WS1 at 166.00 all the way back to WR1 at 171.00 and maybe even higher.
The major concern would be if the BOJ DOES intervene which would see the JPY rise sharply.
So get LONG this pair with breakeven stops and with luck we could see a shed load of pips on offer.
I'll show you the EURJPY where the buying force is holding down Hi friends, I brought the FOREX interesting charts
The buying force is making adjustments by beating the sell-off and rising.
If the Fibonacci 0.618 section is set as the primary target and breaks upward, the AB=CD pattern can reach the 1 value D
EURJPY - Bearish Crab Pattern Indicates Potential ReversalEURJPY is currently showing signs of a Bearish Crab Harmonic Pattern (XABCD) on the 4-hour chart, indicating a potential reversal in trend. Additionally, the price is approaching a significant trendline, further supporting the bearish bias.
Bearish Crab Harmonic Pattern (XABCD):
The formation of a Bearish Crab Harmonic Pattern suggests that the price is likely to reverse downwards from Point D. This pattern typically indicates a high probability of a trend reversal.
4-Hour Trendline:
The price is currently at a 4-hour trendline, adding confluence to the potential bearish scenario. A breach below this trendline could signal further downside momentum.
Entry, Stop Loss, and Take Profit Levels:
Entry: 165.900
Stop Loss: 167.060
Take Profit Levels:
TP-1: 164.720
TP-2: 163.600
TP-3: 162.450
Risk Management:
It's essential to adhere to proper risk management practices when executing this trade. Position sizing should be adjusted to ensure that potential losses are within acceptable limits relative to account size and risk tolerance.
Conclusion:
In conclusion, the technical analysis suggests a bearish outlook for EURJPY, with the formation of a Bearish Crab Harmonic Pattern and the price approaching a 4-hour trendline. Traders may consider selling at 165.900 with a stop loss at 167.060 and targeting take profit levels at 164.720, 163.600, and 162.450.
EURJPY: Asian foreign exchange increased thanks to the decline oYen falls as USDJPY heads in the direction of a hundred and fifty five
However, the Japanese Yen did little to enhance in opposition to the weaker dollar, with USDJPY buying and selling close to a 34-12 months excessive and close to the a hundred and fifty five level.
The yen weakened whilst a sequence of Japanese officers warned of presidency intervention to help the currency. Traders see USDJPY at a hundred and fifty five as in all likelihood to draw authorities intervention.
Yen weakens beforehand of this Friday`s Bank of Japan Meeting, wherein the important financial institution is predicted to go away hobby prices unchanged after a anciental hike in March. However, the outlook for inflation and boom stays uncertain. The financial system could be carefully watched.
DeGRAM | EURJPY pullback after AB=CD patternEURJPY formed a rounded top near dynamic resistance and returned to the ascending channel.
The chart has formed a pattern AB=CD.
The past touch of the dynamic resistance ended in a reversal of the move.
We are expecting a pullback.
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SHORT EUR/JPY 165.59Trading FX is a risk/reward exercise.
And the greatest reward for the least risk is taking trades that relying on experience.
I've traded Fx for over 20 years so I recognize chart patterns and price movements without really thinking about hem.
If I was teaching how to trade FX I would be advising novice or inexpereinced tarderes NOT to take a trade like this but I'm shorting this pair for the following reasons.
a). Risk/reward is massively in my favour. I can get a SHORT trade on with a 20 pip STOP.
b). We are at WR1 Pivot area and this is a universally known area where SELLERS MAY enter the market.
c). The last 4 15m candles have been doji indecision candles.
d). RSI on multiple time frames is high (70 on H4 and high 60's H1, 30M, 15M).
e). 15M Andean Oscillator sees the red SELL line lifting away from zero.
Put these together and this "looks" a SHORT trade but there's always the chance EUR/JPY BULLS hace not finsihed with this pair.
f). we have a nice candle tweezer pattern on H1 right at resistance.
It should be noted that it's 24 years since this pair was at 165.60 so its highly likely that we are looking at a short term retracement but this could be back to the 200 EMA on M15 which would be 164.91 (+68 pips).
If this trade does take off and there is strong selling momentum then 164.50 is posssible.
DeGRAM | EURJPY pullback from resistanceEURJPY is moving in an ascending channel.
The volatility continues to decline, which means that a new impulse is about to emerge.
The price is approaching the psychological resistance level of 165.
The chart has already reacted twice with a sharp decline after reaching the dynamic resistance.
We expect a pullback to the 50% retracement level after the resistance retest.
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DeGRAM | EURJPY pullback from the channel boundaryEURJPY is moving in a descending channel.
The chart has reached a strong resistance at 164.500
We think that after retesting the resistance, the price will fall back to the 38% retracement level.
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Potential double top in EUR/JPY, sell if the resistance holdsHello traders, I am observing the 4H chart in EUR/JPY and I have noticed a potential
sell opportunity. This could be a potential double top on the 4H chart.
So, if the resistance zone holds, traders can consider selling EURJPY@164.88-165
with TP at 163.65 Note that, the sell condition will be valid only if the resistance
zone highlighted in the chart remains unbroken.
EURJPY SELL | Day Trading AnalysisHello Traders, here is the full analysis.
I think we can soon see more fall from this range! GOOD LUCK! Great SELL opportunity EURJPY
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EURJPY - Long active ✅Hello traders!
‼️ This is my perspective on EURJPY.
Technical analysis: Here we are in a bullish market structure from 4H timeframe perspective, so I look only for long position. I expect bullish price action from here as there is a confluence of rejection from bullish order block + FIBO 0.618 level + institutional big figure 164.000.
Fundamental news: Tomorrow we will see result of Interest Rate in Europe, followed by ECB Press Conference, news with high impact on currency.
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EURJPY Long (215-275 Pips)Thursday, 04.04.2024
We took the previous weekly low and touched my 8 EMA.
On the daily timeframe, we witnessed a strong rejection with momentum from my daily VWAP low.
Now, I wait for a pullback before buying. Currently, we are at a 4-hour resistance level, so I'll wait patiently, but my bias is long. There's a chance for a push down to hit my 0.382 Fibonacci level.
Passive entry module
EURJPY 73 PIPS TRADE BREAKDOWN (3rd April 2024)
EURJPY Trade Breakdown
Price broke through the 1 hour bearish orderblock during London. This resulted in a creation of a 1 hour Market structure shift to the upside.
So once price retested, the 15 minute orderblock and broke its own higher high on the 15 minutes timeframe, I entered a long and place stop loss at the 1 hour orderblock low targeting a 164.200 For a 1 : 3.66 Risk to Reward Ratio.
During New York Session, Price action finally provided the volume to push All the way up into the 1 hour Orderblock, Smashing Full TP.