Day trade
Trade view / 23 September 2016 at 6:12 GMT

EURJPY rally signalled as corrective

partner and technical analyst / 3 c analysis
United Kingdom
Background

Our signals have been bearish on the week and Wednesday's bounce has attracted sellers at the 13 and 50-day average rates. Another bounce yesterday is also signalled to be temporary and we are looking to take advantage of this, or if not and the market falters we will also sell through support.

Management and risk description

We are staying square on the open, but looking to sell into strength or down through support. If either trade is executed the stop can be lowered to entry once the first target is met.

Parameters

Entry: sell at 113.90, a 78% recovery to the losses since Wednesday's high or sell at 112.60, Thursday's Marabuzo line.

Stop: the stop on the sell rally is at 114.41, Wednesday's high and the sell through support at 113.10.

Target: 112.08, this week's low and 111.25.

Time horizon: today only.



 

EURJPY 4 hourly - recovery to losses
 

EURJPY Weekly - volatile losses
 

EURJPY Quarterly - pullback to gains
 Source: All charts CQG. Create your own charts with SaxoTrader; click here to learn more 

— Edited by Gayle Bryant

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Non-independent investment research disclaimer applies. Read more
23 September
Paul Sumner Paul Sumner
Hi Steve, is 113.90 the correct entry or should that be 113.60?
23 September
Steve Lucas Steve Lucas
113.90 is the fibbo not sure what 113.60 is but im using 113.90 cheers
23 September
AlexF AlexF
Short GBPUSD was the trade of the day
23 September
Steve Lucas Steve Lucas
sure was - my partner alan collins covers stg - think he used eurgbp which was close 2nd

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