Medium term
Trade view / 14 March 2018 at 7:52 GMT

Limited upside for EURJPY

Analyst / PIA First
United Kingdom
Instrument: EURJPY
Price target: 127.70
Market price: 131.95
Monthly: In a large triangle formation. The Ichimoku cloud attracted sellers and the follow-through negative pressure resulted in a Bearish Outside Candle being posted in the monthly chart (Acute Monthly Reversal candle). The Marabuzo level is located at 132.76 (midpoint from open and close) 
Source: Saxo Bank

Daily: Posted a Demark 9 count (correction) close to bespoke support at 129.37. We are now accessed as being in the corrective formation higher. Bespoke resistance is located at 132.87. We need a daily close below that level to confirm the medium-term outlook. 

 Source: Saxo Bank

Intraday (six-hours): A full AB=CD formation is seen at 133.32, close to the 50% pullback level. With the one-hour chart showing signs of exhaustion, we look for rallies to be limited. 

Source: Saxo Bank


Entry: selling in the 132.87 - 133.30 zone.

Stop: 133.65.

Targets: 127.70 and 122.60.

Time horizon: medium-term

— Edited by Michael McKenna

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