themarketzone

Play by Play - $EURJPY analysis

FX:EURJPY   Euro / Japanese Yen
In my $EURJPY analysis, posted few days ago, I mentioned two possible trading scenarios ( bullish Aggressive C harmonics scenarios and bearish H&S scenario).

135.5 was the key zone and indeed we've started the trading week with a re-test of this support zone .
Following some consolidation on the top of the 135.5 support zone , the rally finally came and the price crossed about the hourly SMA lines and reached the broken uptrend line that should have acted as resistance - exactly what it did.

At this point I sent to the Elite Zone a bullish setup on $USDJPY             as I expected $EURJPY which was the force behind $EURUSD (inverse correlation to $USDJPY             ) to decline (at least to have a quick pullback. The $USDJPY             trade generated nice 40 pips as $USDJPY             recovered from its decline that came after a Cypher completion (another Elite Zone winner this week).

Now $EURJPY is just on the 200 SMA line and the 50 SMA line. This zone (136) along with the proven 135.5 support zone will be the ones to focus on next week. The same goes for the important 1.1 zone in $EURUSD that I'll cover in next week's newsletter.

Very technical movements today that created nice winners on $EURJPY, $USDJPY             and $EURUSD.
Enjoy your weekend everyone
Thanks for sharing! My take on the same pair
+1 Reply
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