HiTech
Short

EURJPY CORRECTIVE WAVE DOWN

FX:EURJPY   Euro Fx/Japanese Yen
81 1 0
EURJPY             might correct down to 134 or 133 levels

Related Ideas

HiTech PRO
2 years ago
Having completed the Impulse Wave up (marked green on the chart), the EURJPY have lost some of the bullish market participants. At the moment it looks like we are in the beginning of the Corrective wave C (marked red on the chart), suggesting that Euro may be preparing to resume correction down against the Japanese Yen. However, at the same time it has broken above 61.8% Fibonacci retracement level, which might provoke further growth in the long term.

EUR/JPY has broken to the downside out of the rising uptrend trend line and after meeting a strong resistance line at 136.14, the pair failed to break it. Finally, a clean bounce of the downtrend trend line confirming a bearish bias. While the R1 level - 136.14 is not penetrated, all the facts favors further short to medium term extensions down, towards one of the Fibonacci levels targeting 134.00 or 133.00. It seems wise to look for sell opportunities either at the nearest resistance - 135.5 or on the breakout of the current low – 134.93.

Support: 134.76, 133.88, 133.00
Resistance: 135.50. 136.14, 136.67
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
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 Billing Sign Out