Day trade
Trade view / 21 June 2016 at 5:59 GMT

EURJPY momentum shift signals temporary recovery

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: EURJPY
Price target:
Market price:

Divergence on weekly momentum has switched this week’s signals to bullish. Monday’s trading has seen sentiment improve, but for initial gains of ¾ Big Fig be mostly given up. The failed rally is mildly negative, but a developing trend of higher daily lows remains intact and buyers have returned to the market in Asia.

Management and risk description

Buy the dip and raise the stop to the entry point if the first target is met.


Entry: Market and 117.70.

117.22, just below today's Asian low.

119.05, this week's high and 119.95, a 62% recovery to the losses posted since the 2 week top.

Time horizon:
Today only.

EURJPY 8 hourly - recovery to losses
EURJPY Weekly - bear trend
EURJPY Quarterly - pullback to gains
 Source: All charts, CQG

— Edited by Adam Courtenay

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