Range bound EUR/JPY

FX:EURJPY   Euro / Japanese Yen
127 2 7
Double inside days in the upper bound of the range. A break higher will finally get us out of the range, a break lower could see range holding. Swing failure might be a hint of things to come. Ideally a break higher with prices holding above the rectangle and previous highs should set us up for a decent move higher
Comment: Inside day broken to the upside as discussed
Comment: Needs a bullish close above the red rectangle
Comment: Bullish close as discussed. Should see a move higher. Next resistance comes in around 108.30 (previous swing highs)
Comment: Retesting upper range boundary. Needs to hold for a move higher
Comment: Pulled back and quickly rejected. A break of yesterdays high should see us auctioning higher
Comment: Still holding above previous resistance and building volume. Good risk/reward for longs
Comment: EURJPY now well on its way upwards. First resistance comes in at previous swing highs at the 118.40 area and then major resistance comes in from 121.40-122.55 area (Red Rectangle)
Comment: Careful with the earthquake news. Last time yen strengthened
Comment: Previous swing high in sight now. Should trigger stops above if it breaks
Comment: Stops triggered as discussed in previous comment. Previous swing high should now become springboard support for a move into major resistance from 121.60-122.60 (Red box above)
Comment: Possible resistance at 120.80 area (previous lows and highs)
Comment: First resistance coming in just above at 1.2080 (double bottom) as shown above
Trade closed: target reached: Coming into resistance at 120.80.
Comment: Approaching area of high resistance
Yen strengthens all opposing pairs drop?
TradingTechs outfodamilli
@outfodamilli, Exactly
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