EURJPY is **Extremely Oversold** and about to hit the dynamic support L4
BUY with these preferences,
EURJPY BUY - 124.392
STOP LOSS - 123.726
TARGET - 126.171
(OPTIONAL TO BUY NOW FOR SCALPERS)
EURJPY is approaching our first support at 124.80 (78.6% fibonacci retracement, 61.8% fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 125.81 (50% fibonacci retracement).
Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin...
Reasons:
1. Prior consolidation before strong down move, shows hidden selling activities at this region – sellers will be likely to defend their positions at this level
2. Overall downtrend – will only be keen to take short positions to go with the trend
3. Prior support turned resistance level from previous rejection area
Our Trade Setup will be:
EP:...
The Euro vs. the Japanese Yen. The Yen is a historically low-yielding currency, influencing traders to borrow cheaply in JPY to purchase higher-yielding currencies, including EUR. Because of this the pair is sensitive to broad-based market sentiment trend swings. Volatility may be found in news related to the Eurozone debt crisis and from the Bank of Japan’s anti-deflation policy efforts introduced in 2013.
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