piphunters
Short

EURJPY: Nice setup for next week

FX:EURJPY   Euro Fx/Japanese Yen
820 17 41
The pair inside a large corrective structure after the last big impulse down, in a smaller degree it is currently inside a descending channel and looking ready to break down which can be expected to occur either on Monday or Tuesday next week giving a nice opportunity to go short towards the impulse lows.

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Comment:
snapshot
Comment: possibility for BO today
Looks like it broke to downside.
Reply
Hi pip, out of interest, what is your long term opinion on this pair, as I have a feeling this is one giant consolidation before a new bullish trend.
Reply
piphunters Gareth_Roberts
giant consolidation in which time frame?
Reply
Gareth_Roberts piphunters
I know there is another move lower, but I'm talking about the 4hr zoomed out a little, or am I looking at this all wrong?
Reply
piphunters Gareth_Roberts
It will go down big time I believe, first we will get a break down of around 200 pips on Tuesday probably to the recent lows and then we will see from there how it develops, a break below will be an impulse so we can't just go up yet but of course there is risk of a huge impulse to the upside too in this kind of structure but that will only be possible with a big fundamental news from BOJ so you can anticipate it somewhat.
+1 Reply
piphunters piphunters
also the 4hr correction you are referring to will only last for a day maximum
Reply
Dhashah dhaane kamah tha thibalanee? EUR ge weakness ga tha noony JPY ge strength ga tha?
Reply
piphunters mujunaeem
JPY strength
+1 Reply
mujunaeem piphunters
Do you think tomorrows Japan GDP data will reflect strong growth? Because if it doesnt that would weaken the Yen significantly. Reason I am asking is, there was the 4 billion Yen stimulus package also recently. Seems japan is concerned about slowed growth.
Reply
piphunters mujunaeem
local Japanese data hardly have any impact on JPY
+1 Reply
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