The EUR/JPY already formed a positive day reversal but only a daily closing tonight above 106,00 will confirm a s/t bottom supporting a recover.
The indicators of the daily chart closed in positive territory, while those of the s/t ones are mixed this morning supporting further consolidation/ correction. While above 105,25 we expect another test of the 106,00 level with a possible overshooting allowing an extension of the correction toward the resistance line at 106,40 while the real attraction is the 200 hours line at 107,00.
I suggest remaining long this cross for a possible 106,40 overshooting
The EUR/JPY confirmed on Friday a strong daily closing above the top of the previous session suggesting some more upside potential especially in case of a daily closing tonight above 106,40.
The indicators of the daily chart are still positive but those of the weekly one are still below the line also because the weekly closing was weak!! The indicators of the s/t charts are at the moment mixed. The move up we had on Friday, that gave us the chance to sell our position at 106,40 as suggested, formed also a negative reversal situation in the hourly chart. However, while above 105,80 we expect another test on the upside with the 200 hours line at 106,82 the attraction with even a possible 107 overshooting!!
We stay on the sideline for now
I believe forex news - easy
The EUR/JPY confirmed a further session of consolidation confirming the previous day’s closing. It shows good support at 103,60 but also very good resistance above the 104,20 area that is limiting the upside.
Last edited by Pipzilla; 12-08-2011 at 01:51 PM.
Reason: Clean up
The EUR/JPY confirmed a negative weekly closing while remaining however interior the range of the previous week. We have therefore 106,05 – 102,65 the levels to follow in the coming hours/ sessions. The indicators of the daily chart are still in negative territory as well as those of the weekly one supporting further weakness. Those of the s/t ones are this morning below the line still showing some pressure on this cross. Only an hourly closing above 104,45 will postpone the weakness favouring higher levels suggesting a test of the 105,50 area.
We stay on the sideline while waiting for stronger signals!!
As much as I appreciate the information that you provide I do believe it is being provided in a way that it detracts from the origonal posters thoughts. I would like to see you create your own threads with your analysis of the pairs. You are also bumping a post that by nature may not live for to long. please take this as contructive critisism because I can see what you have to say as providing some great information if displayed more usefully.