EURJPY has turned bullish on the 4H timeframe (RSI = 65.893, MACD = 0.220, ADX = 54.338) as the 4H MA50 held and supported a new 2 day rally since Friday. The dominant pattern is a 3 month Channel Up, which makes a HH on the 1.5 Fibonacci extension. The 4H MACD is identical to the pre-High consolidation of the past bullish waves. We are bullish (TP =...
EURJPY is trading in a bullish trend.
After the price set a new higher high on a daily,
it retraced to a key daily horizontal support.
Test of structure made the pair start consolidating.
The market started to coil within a narrow horizontal trading range.
The resistance of the range was broken today.
It is the important sigh of strength of the buyers.
We...
EURJPY has turned neutral on its 1D technical outlook (RSI = 46.011, MACD = -1.000, ADX = 41.208) as it held the 1D MA200 but remains restrained under the 1D MA50. This rebound however looks very much like the August 2nd 2022 1D MA200 rebound, which after it crossed over the 1D MA50, rallied to the 1.236 Fibonacci extension. A 1D MACD Bullish Cross will confirm...
EURJPY hit the top of the long term Channel Up that started more than a year ago (March 2022) and is getting rejected so far. With the 1D technicals still green (RSI = 63.286, MACD = 1.680, ADX = 49.495) this indicates that the trend remains bullish so we will sell and initially target the 1D MA50 (TP = 153.000). The reason is that it has been unbroken since April...
