Nice run up as EUR/JPY is holding the megaphone pattern nicely. Looking for a simple pullback here, short from the 133.70s, 80s, and 90s, and taking profits in the 133.55 to 133.60 area.
**UPDATE 5/26/2015: our short had a target of 135.61 and we also had a limit long sitting at the 135.60. Grabbed 20ish pips on the short and over 40 on the long. Pulled the long here at the 134.00, looking for some consolidation chop before getting back in long.
Will then look for long signal for same targets called out last week:
here's my updated daily chart... the particular configuration of price action i look for has started on May 18 when YPS1 turned resistance and was rejected to the downside. now we have further confirmation as noted in the rightmost comment on the chart.
as always, kudos to those who manage to grab pips from H1 and lower TFs, especially with EURJPY. i am looking at a longer time horizon and thus will stick with a target at 50% fib retrace or 131.51. when will it happen, i have no clue, but i am expecting USD strength to wane significantly this and next week, and as EURUSD, swings back up, supporting EURJPY, i expect the flows in USDJPY and Nikkei to be stronger and ultimately decide the fate of EURJPY. down, down, to gobblintown... (as the song goes in Lord of the Rings ;) )
Love the chart and commentary. I too have downside targets I believe we will hit in the future. Still seeing 140.77 area before any potential for serious shift in overall direction.
isomorph
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140.77!!!??? that is truly amazing! you are keeping me on the edge of my seat, it's like some cliffhanger on the TV show LOST. can't wait to see what will happen. (of course, i am always wondering whether or not i got it woefully wrong. fascinating stuff, analysing the market).
EURObull
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you are awesome and truly love the enthusiasm! Yes, have been calling out the longer term 140.70 area for a couple weeks and also love the chartology so much!
as always, kudos to those who manage to grab pips from H1 and lower TFs, especially with EURJPY. i am looking at a longer time horizon and thus will stick with a target at 50% fib retrace or 131.51. when will it happen, i have no clue, but i am expecting USD strength to wane significantly this and next week, and as EURUSD, swings back up, supporting EURJPY, i expect the flows in USDJPY and Nikkei to be stronger and ultimately decide the fate of EURJPY. down, down, to gobblintown... (as the song goes in Lord of the Rings ;) )
chart: imgur.com/QDj6RPx