Day trade
Trade view / 05 February 2014 at 5:57 GMT

EURJPY tests key targets, but still bearish (update)

partner and technical analyst / 3 c analysis
United Kingdom

USDJPY buyers returned to the market on Tuesday with prices trading close to their 100-day and 200-day average rates, as well as to a Fibonacci correction. As of late Tuesday there was no buy signal, but this is a key area and the weekly Candle is potentially forming a bullish Hammer. EURJPY is similar, but close to its 100-day average. With this in mind we would reduce exposure to a small balance and lower the stop to the entry point. (See original post here.)

USDJPY charts:

 

USDJPY Daily - Moving averages

 

USDJPY Weekly - pullback to gains

 

 

EURJPY Weekly - Pullback to gains

Source for all charts: CQG

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1y
Steve Lucas Steve Lucas
Thanks for the feedback cheers

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