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Eurjpyprediction

EURJPY H4 *Potential Head & Shoulders Pattern*Currently have what looks like a retracement on the downtrend with EURJPY , up to the 50% zone. It is also sitting around a support / resistance at this level too, there is the potential for a head and shoulders pattern to complete, with indicators showing the bull power slowly running out. This could start the final leg of the right shoulder. I will be waiting for a break of the neckline and re-assess how it looks then, if it is all good then I could short down to the supply / demand zone which has been proven to be a strong turning point for this pair over the past few weeks. NFP today to so it could blow everything out of the water!
Short
by JordanWillson
EURJPY H4 *Possible Head & Shoulders*We have a potential Head and Shoulders pattern forming on this pair, with the right shoulder forming and ending at around the monthly support of 131.000 level. This would coincide with a large demand area for the pair to then turn bullish and begin climbing to the upside. If it breaks the daily pivot level of 132.665 and closes under it I will look at shorting this down to the 131.000 psychological level. Then look at potentially a long if the pattern completes.
Short
by JordanWillson
EURJPY profit target reached perfectly, prepare to sellSell below 132.27. Stop loss at 132.67. Take profit at 131.19. Reason for the trading strategy (technically): Price is approaching major resistance at 132.27 (Fibonacci retracement, horizontal swing high resistance) and we expect to see a strong reaction off this level for price to resume its drop towards 131.19 support (Fibonacci extension, horizontal swing low support). Stochastic (34,3,1) is seeing major resistance at 97% where we expect a corresponding reaction from.
Short
by MEX_Exchange
3
EUR/JPY fails to surge above 130.05Daily outlook - EUR/JPY fails to surge above 130.05 In second half of the previous trading session the currency exchange rate made an unexpected turn around near the 130.05 mark and started to fall. The reason behind pair’s inability to reach the weekly R1 at 130.64 might be related to existence of a larger descending channel with two reaction highs and two reaction lows. If this pattern is actually in force, then the Euro has to continue to lose value against the Yen until the rate will reaches its southern boundary for the third time. But, in order to do that, the pair has to bypass once again the March 2016 high at 128.18. Most likely the new attempt is going to fail as well. On the other hand, the pair has a chance to succeed if some fundamental event will accelerate the fall.
by UnknownUnicorn890690
EUR/JPY slips to March 2016 high Daily outlook - EUR/JPY slips to March 2016 high In accordance with expectations, the Euro continued to depreciate against the Japanese Yen until the currency pair reached a support set up by the March 2016 high at the 128.18 level. Afterwards, the rate made a rebound and started to move in the upward direction similarly as it did yesterday. A release of the US macroeconomic data has only given an additional impulse for this upside movement. Most probably, the surge will be stopped near a combination of the 55-hour SMA and the monthly S1 at 128.79. However, even if the rate manages to sneak to the top, the Yen is going to try to restore some of the lost positions after the markets will calm down. The fact that the currency pair, generally, should continue to slip to the bottom is supported by 67% of traders with bearish sentiment.
by UnknownUnicorn890690