Day trade
Trade view / 25 February 2016 at 6:50 GMT

Lower daily highs signal temporary recovery for EURJPY

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

Bearish signals on the week and in each of the last two days have been confirmed, with investors selling the market on Wednesday to post a fifth lower daily high and low in a row and for a loss of just over 1 Big Fig on the day. 

Daily signals for sentiment are oversold with prices trading at 2¾ year lows and the potential for a profit-taking bounce is growing. Going into Thursday gains in Asia have seen a trend of lower daily highs ended. Along with the formation of a bullish daily Hammer on Wednesday signals are pointing to a temporary recovery.

Management and risk description

Allow room to buy a dip and raise stop to entry if the first target is met.

Parameters

Entry: market and 123.55, today's open in Asia.

Stop: 123.00.

Target: 124.58, Tuesday's high and 125.58, this week's top.

Time horizon: today only


 

EURJPY 4 hour - recovery to loosses
 

EURJPY Monthly - Topping Pattern
 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
4y
Steve Lucas Steve Lucas
China weak and Europe following so close out at close to breakeven
4y
Shamnighty Shamnighty
Ok, amigo!
4y
joe200002 joe200002
Hi steve , we missed it. waiting your new idea.
4y
Sultan73 Sultan73
5 star Steve
4y
Aleksa06 Aleksa06
first was exact. hope be again. Br
4y
Steve Lucas Steve Lucas
MMMMMM....doesn't feel so good today....strong rally in equities hasn't worked for us, but sticking with it bol nice weekend

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