Why We Are Long Here

FX:EURJPY   Euro / Japanese Yen
ABC pullback after a nice short run. Drew yellow lines to show thrust up, pullback to the 133.81 area, and looking long for target of 134.13.

Also note: we would still like the 133.63 area to get hit before we seek 135.33 to 135.73 area for long targets.
sorry forgot the screenshot:
EURObull isomorph
Our daily chart shows a dramatic drop in CCI without a truly dramatic drop in price action. Check out CCI on daily set at 14. It is true that EUR/JPY may explore down into the 133.70's, which I have been mentioning all week also. When so many people and ideas point bearish, I can't help but look for reasons why we should be thinking about the long side of things.

The yellow slanted parallel lines I have in the 135.33 and 135.73 areas are for EUR/JPY to come up and complete the build of the right side of the current Head and Shoulders pattern.

Remember the sometimes odd quirks of this pair. It does not always move in the direction it seems that it should. We also have nice bullish divergence on our 60 minute charts that has been developing over the last 4 trading days.
EURObull EURObull
Also, please see new "Megaphone Pattern" post, to see reasoning behind upmove to 135.33 and possibly 135.73
there is no way we hit 135.33 and 135.73. look at daily. EJ is in free fall at least until WPS2 at 132.36, possibly lower to MPP at 131.50. unless 133.70ish will act as support again and we get another daily doji before the bulls resume the onslaught. well... as long as we are still above the 50 midline of my TDIm study, it is possible, but once under that midline, the next stop will be in the OS zone. gotta wait and see what next week brings, but i'll be shocked if it stops in its track to turn around and up.
EURObull isomorph
I took the "green pill" offered up by Morphius...crazy price action overnight!
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