EUR/JPY position is very high

Hi I am new to trading just need some help and advice

In this situation should we buy or should we well ?

If it’s high, it depends. Never go against the trend as a newbie, even as an advanced trader. Mostly likely, you should buy.

You should be aware of what is driving the pair. The BOJ have an election in December and the new regime will likely be forced into aggressive monetary easing to stabilise the economy. Meanwhile the Euro is trying agree on a further bailout for Greece. This is appearing very difficult.in the short term if this comes to fruition the Euro will rally. But any objections to a bailout package will cause a Euro sell off. Technically the EIRJPY is oversold and exhausted. A possible double top is forming on the 4hr chart.

As a newbie I would say do not touch this pair at the moment as it things can change rapidly.

Hope this helps

Thank you mate !

Don’t you think that the Euro will bailout greece again? I agree that the EURJPY is exhausted and pattern formation on this pair shows that it might tumble down any time soon. That is if it agrees with fib levels.

I expect resistance at 111.00, if closed above 108.00


My pattern trading shows resistance of around 107.6XXish