EURJPY is in a range-bound mode for 3 months. Breakout soon?
EURJPY has been in an uptrend between April and early Sep 2017 but since then, this pair has been in a range-bound mode. We were watching this pair closely and it gave us a potential breakout signal on 21 December 2017 but based on the price on 22 December 2017, it would appear that this potential signal did not work out. As you can see in this chart, EURJPY has been trading in a 310=pip range between 131.40 and 134.50.
Investors like you may be wondering this pair's movement in the following weeks. From a technical outlook, we remain neutral on this pair with a very near-term bearish bias.
Based on our forecast, we believe that EURJPY may potentially retrace to 133.50-133.80 range or even 133.20 level. We will watch this pair closely to see the reaction of EURJPY at these levels to consider initiating any long entry. On the other hand, if these levels do not provide the necessary support, we could potentially see EURJPY retest 129.40 which was the low on 6 September 2017.
Good trading
NinjaSingapore
24 December 2017
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Investors like you may be wondering this pair's movement in the following weeks. From a technical outlook, we remain neutral on this pair with a very near-term bearish bias.
Based on our forecast, we believe that EURJPY may potentially retrace to 133.50-133.80 range or even 133.20 level. We will watch this pair closely to see the reaction of EURJPY at these levels to consider initiating any long entry. On the other hand, if these levels do not provide the necessary support, we could potentially see EURJPY retest 129.40 which was the low on 6 September 2017.
Good trading
NinjaSingapore
24 December 2017
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Trade active:
EURJPY closed at 134.72 on 27 Dec 2017. We will watch closely this pair for one more day and update our forecast report accordingly.
Trade active:
EURJPY apparently is facing a resistance at 135 handle. We will watch closely this pair for a few more days as if one were to argue that there is a confirmed breakout, the size of the candles do not provide such conviction at this point.