Pip_Alchemist
Long

EURJPY Medium Term Outlook!

FX:EURJPY   Euro Fx/Japanese Yen
28 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!
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out