Pip_Alchemist
Long

EURJPY Medium Term Outlook!

FX:EURJPY   Euro Fx/Japanese Yen
27 0 0
I have mapped out trend lines that indicate this pair is in the middle of an up trend and has pulled back slightly.

I have identified a significant level where price bounced off the bottom trend line referenced A 134.00. I used this as the starting reference of a geometrical analysis that is showing a strong ABCD Fibonacci sequence. Point B of the sequence was 2014 yearly high of 149.72. And point C was the pullback that only retraced just over 23.6% 144.92. This was a weak pullback so I am expecting this wave to go down further and test the 38.2% support level outlined in blue.

My D extension targets are significant Fibonacci ratios that are consistent in historical data to be strong targets zones: Target 1 150.91 Target 2 152.76

As I said I am expecting a stronger pullback with a possibility of testing the trendline and 200SMA. However Yen weakness is driving this pair bullish .

Lets see what unfolds. Feedback is welcomed

Merry xmas!
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