EURJPY Trending Down

FX:EURJPY   Euro / Japanese Yen
This currency pair is in a relatively strong down trend, following a modified Schiff . The EUR is still pretty weak, whereas the JPY is the strongest of the major currencies. Now that the major low to the left has been taken out, I expect to see new lows. There should be some support around 135.25, coming off the prior highs, but it can dip as low as 134.
In case the correction continued longer, getting to higher levels, here are the resistance levels to be taken into account:
1) around 137.5
2) around 138.5
3) around 140.0:
nice Piotr, are you waiting for move up to go short or you are in? I will go short somewhere on these lines, to have a good stop
+1 Reply
I'm not short yet. I'm stalking it, waiting for a better price.
I like your lines - that's where it's worth looking to go short.
dojitrader ForceFollower
I was about to ask when I read itaskar 's chart and your comments ___
With EWave also pointing to the area for a possible
short entry: As that would give us a crack below that 136.33 level and
a snap back above -- thus major support has held, and,
I guess I was wondering why we're all ignoring classical
tech analysis that says we should go long until the support is broken again ?
Thanks for your thoughts,
Good weekend to all !
+3 Reply
ForceFollower dojitrader
Thanks for your comment, dojitrader.
Well, I do what my strategy tells me to. I've started shorting it with very small positions. The support may have held indeed - the rally looks like a snap back up. If it keeps showing strength, I'm going to forget about new lows and I'll take profits at some retracement of the ongoing rally. As for this rally, here's how far it can get, by my reckoning:
+1 Reply
itaskar dojitrader
I am trying to trade with the flow when I dont see any reversing pattern, For now it looks like pretty strong bullish candle and there is floor(green) which is holding from 20.may , so for me no shorts without good stop. I need to see something like here in circle , will manage it on 240.
itaskar itaskar
btw. watching chfjpy as well because correlation.
I understand your choice of CHFJPY (FJ), although recently CHF has become stronger vs. EUR. So, I'd rather recommend shorting NZDJPY instead (on my watchlist). Anyway, FJ is in a bear trend and I'm bearish about it too.
itaskar ForceFollower
ah so, its not about shorting chfjpy, its about confirmation. I need to see booth these pairs are doing the same. So, if eurjpy will be on resistance I will think about short, but I need to see that chfjpy is doing the same.
pavan15589 itaskar
Just a thought....If JPY is in quote on both pairs, irrespective of the base currency, wont JPY show the same reaction on all the pairs its coupled with....I mean we don't have to look at charts at all, you could see all the pairs with JPY in quote doing the exact same thing....
I am not as experienced as you all, still very very new to this but in case I wanted a confirmation, I would select a cross currency that is in strong co-relation with the swing period that I trade on and keep a watch but this pair wont contain any currency in its quote or base from my trading pair...
+1 Reply
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