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As long as we hold the 135.14 area (38% fib pullback), we should see another round of sharp, unexpected buying. The projection (black line) shows it will take approximately 2 days to reach our final target, which is about 320 pips from our current location.
Everyone has been caught with the Gorgeous Head and Shoulders pattern, until they broke the right shoulder. ...
Market is holding and very reluctant to pullback. This is either the pump before the fall, or there are real buyers in here.
If we pop strongly over 135.84, then EUR/JPY retraces and sits on the level, it could signal a "broken" head and shoulders, and in that case, we would initiate long positions.
EUR/JPY shot straight up overnight and hit our 135.77 long target, to reach the apex of the right shoulder build for our Head and Shoulders Pattern. We are short, looking for pullback to 50% to 61.8% fib levels.
Also note CCI line cracked to the downside as price is consolidating sideways.
Short Target 1: 134.50
Short Target 2: 134.20
Pullback worked well and we grabbed around 20 quick pips. Our limit long was picked up and just pulled it for over 60 pips of profit. Noticing bearish divergence here on our 60 Min CCI.
Will look for another long entry signal for continuation up to 135.33 target.
Looking for a 5-wave long to complete within slanted yellow parallel lines drawn in last week, for finishing up the build on the right shoulder of the "gorgeous head and shoulders" pattern that is developing.
Long now, looking for about 120 pips for wave 3 (in now). Pullback of about 50 pips, then long again for another 100ish pips.
Yesterday was a record ...
Nice run up as EUR/JPY is holding the megaphone pattern nicely. Looking for a simple pullback here, short from the 133.70s, 80s, and 90s, and taking profits in the 133.55 to 133.60 area.
**UPDATE 5/26/2015: our short had a target of 135.61 and we also had a limit long sitting at the 135.60. Grabbed 20ish pips on the short and over 40 on the long. Pulled the long ...
Market has been sideways overnight, boring traders and luring in more short interest. Protective long stops under 5/24/2015 lows have been cleared. Looking for market to get up to our yellow (slanted) parallel lines.
Also note bullish divergence on CCI (black lines), in coordination with current megaphone pattern.
Target 1: 135.33
Target 2: 135.77
We entered long Friday prior to close and will continue to layer longs if EUR/JPY continues downward move into purple box zone.
CCI on 60 minute would then also make a W bottoming pattern for additional long support.
Looking for 2 slanted parallel yellow lines as targets (this is the final "build" of the right shoulder of the Gorgeous Head and Shoulders Post ...
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.
Like we mentioned on an earlier post, we maintain a bullish posture and mentioned there will be lots of longs and shorts on our way up. Great week of trading, and congratulations to all who followed our calls!
EUR/JPY currently at 133.81, looking for a 30 pip pop long here, take profit set at 134.13