EURJPY: Corrective Pullback

FX:EURJPY   Euro Fx/Japanese Yen
158 0 7
11 months ago
Good opportunity to LONG EURJPY             from the following analysis:
1) The price action since Dec             2014 high might be forming 5-3-5 zigzag ((a))-((b))-((c)) corrective wave that is ((impulse))-((combination))-((impulse)).
2) The wave ((b)) might be formed from (w)-(x)-(y) combination that is (expanded flat)-(combination)-( zigzag ) pattern.
3) Sufficient Fib 1.236-1.382 extension of wave (w) by wave (x) completed.

Stop loss and Profit target:
1) Stop loss is located on the end of wave (x) at 122.058 to avoid one more downside movement by the wave z.
2) Profit target can be estimated from the following analysis.

- 2a) The length of wave (y) can be derived from (y)=(w) that is the most common Fibonacci relationship.
Hence, the target price can be calculated as 122.058+(141.055-126.902)=136.211.
- 2b) In a zigzag ((a))-((b))-((c)), the retracement of wave ((a)) by wave ((b)) depends on the structure of wave ((b)).
If wave ((b)) is a combination, wave ((b)) typically retraces 38.2%-50% of wave ((a)) as indicated by "target price range".
- 2c) From 2a) and 2b), two Fibonacci price relationships project to approximately the same price level.
This means that target price stated above is reasonable and reliable from the viewpoint of Fibonacci clusters.

Thank you for taking the time to read my article.
Best regards.
11 months ago
Trade active
10 months ago
Trade closed manually: As everybody knows, the uptrend has already broken.
My analysis was not so good.
I would like to look for another chance after review.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out