EURJPY Medium Term Outlook!

FX:EURJPY   Euro / 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!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
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 My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out