Just wanted to get your feedback on this setup that I spotted on EUR/JPY’s daily chart. We’ve got Stochastic in DEEP oversold territory and an inverted hammer on the 102.00 handle (major area of interest in the past).
Have a look:
So what do you guys think? Is this a legit reversal in the works? Let’s get a discussion goin’!
been following your threads. I also waiting to buy however mine is on the 1 hour TF, and major psychological figure (102.00). Stochastic really oversold plus i will wait for today to put on further confirmation. Friday not quite good day to trade as close of the week.
The trend on EUR/JPY is certainly down, but if one were inclined to take a “counter-trend” play, I think that 102.00 is as promising a turning point as any. It’s clearly an area of interest, and I think there’s a chance we could see a reversal (or at least a retracement) in this zone.
I think there is also a regular bullish devirgance in sight. Im a newbie, so correct if Im wrong.
On the upper chart from the lowest low to te point where the candles touch 102.00 level. Definetly a ‘‘long’’ trade to consider.
Sure is! But EUR/JPY still trending down. Risk aversion’s really boosting the yen! I wonder how long the BOJ will allow the yen to rally without intervening…