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Clive Lambert - FuturesTechs
Clive Lambert of FuturesTech explains why he is long EURJPY. He is buying at 121.85 - 122.00, with a stop at 121.50. His targets are 122.91, 123.58 and 124.10.
Short term
Trade view / 08 September 2016 at 10:23 GMT

EURJPY set to continue lower

Technical Analyst / FuturesTechs
United Kingdom
Instrument: EURJPY
Price target:
Market price:
Background

Either side of the weekend EURJPY posted a bearish-engulfing pattern, a major reversal pattern in Japanese Candlestick Analysis. We have seen steady confirmation of this pattern with weakness seen subsequently. This has paused today and looking at my charts we have a level above that could be worth using as a reference for a short trade ( a low volume node on the profile).

Looking at the "bigger picture", there is no doubt we are in a downtrend so a short trade fits in with the longer-term skew for this pair.

Management and risk description

It's a pretty tight stop anyway, but once the first target is hit the stop can be moved to entry.

Parameters

Entry: sell around 114.60-65.

Stop: above 115.30.

Targets: 113.50, 112.50, maybe even 111.00.

Time horizon:  1-2 weeks for the first two targets. might need a little longer for the third!

Daily Candlestick ChartEURJPY Daily
 

Weekly Bar chart
EURJPY Weekly


 — Edited by Martin O'Rourke

More from Clive Lambert

Non-independent investment research disclaimer applies. Read more
08 September
bancodemon bancodemon
Opened short trade yesterday but now reading this, and looking at charts now, obvious I went in too early..
08 September
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Just make sure you have your stop in as Draghi is talking soon.
08 September
bancodemon bancodemon
ok
08 September
Rofhiwa Thomoli Rofhiwa Thomoli
It seems like things changed on this analysis.
08 September
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
I also feel 115.05-25 is a strong area of resistance, hence the stop is placed above here, so you can stick with it through the Draghi presser if you wish, but as I said make sure you have a stop in.
08 September
bancodemon bancodemon
I'm sticking to it...I feel there is going to be a massive u-turn...somewhere around 115.5
08 September
andywielkiszu andywielkiszu
boom
08 September
edo edo
I sold at 114.70, but I am holding onto it til 115.70, what do you think?
09 September
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
I've been stopped out. Edo, are you saying you've got a stop at 115.70? You might be alright!!
09 September
edo edo
Yes I do, Clive. The up movement lost a bit of momentum, fingers crossed!

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