This thread is going to be all about EURJPY pair. The discussion and posting any related analysis is open to any member at FMCB.
Feel free to share your analysis about this aggressive currency pair.
And this was my thought since a week ago or so,
First I will start with the daily time frame, and this is what it looks for me
Then when I look at the 4hrs time frame, I see it look like is going to re-bound down before continuing up again till 123.45 level.
Cheers,
Steve
Last edited by Admin-fxdigi; 01-31-2013 at 04:43 AM.
Good day everyone.
Based on the technical and harmonic analysis I drew this simple expectation. As you can see that this is the Bat form 'W form' which has left leg level (97.28 level) higher than the right leg level (95.15 level). As a result, we expect that full harmonic shape to be formed reaching 123.65 and closing the weekly on or below that area. Our stop loss is going to be 100 pips above 123.65 or even 150 pips is enough to be safe.
If our expectation is completely correct, we expect that price to start a strong decline starts from 123.65-80 to a very down level breaking the last weekly low at 95.15 to reach 89.85 level or around this area.
Last edited by Steve; 01-31-2013 at 04:51 AM.
is there update for current price move? I wonder where price is going now I see the price reverse from 127.6.... is it possible to go down to 100 again?
I'm a bit curious if the pair is going to build new high to slide down or to lure traders and shoot down directly. Looks to me the Yen is weak enough to start shooting down till 84 level or close by
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