EURJPY in between the Goal Posts and non trending. Which way will it go?
The EURJPY has been trending down since January 14th . Yesterday the price moved above the 100 hour MA and has maintained a position for the most part in between the “Goal Posts” as defined by the 100 and 200 hour moving averages. The 100 hour MA is currently at 125.90. The 200 hour moving average is at 126.54. With the current price at 126.20, it is between these two extremes.
When this happens the market is thought to be non-trending and consolidating and given the sharp move down from a high of 134.33 to 124.59 I am not all that surprised.
Looking at the 5 minute chart, the price is also consolidating today with the range between 126.68 to a low of 125.80. The 100 and 200 bar moving average are converged at the 126.21 area. The price converged with the moving averages suggest that the market is getting ready to move. The question is which way? The decision becomes if the price moves higher or lower. A break of the 125.90 level will help confirm the downside move, while a move above 126.54 should confirm an upside move.
Loading ...
Better buy in now… I think the EUR/JPY willl hit the 127.00 level during the Aussie/Japan session.
the move will be to the downside. Long term its going to 121.00!!!
I usually trade short-term… EUR/JPY went back down to 126 last night and rebounded all the way to about 126.82 or so…
So far the euro/jpy 126.95 level is the resistance.
Many times it hit the resistance but not broken,let us see it goes lower…
It was a choppy price action for euro/jpy. We can expect a break out soon.
Mani,
The price is up and down but does remain above the 200 hour moving average. Also if it can stay above 126.51 (or the 200 bar on the 5 minute chart it keeps the bullish bias alive.
Greg
This is what I like to hear.
I’ve been able to make some trades between 126.50 and 126.85. At least the movement is large enough to make some decent trades.
Greg,
I agree with you the price above 200 Hr MA keeps bullish bias, but the price has not been able to break 23.6 Fib level and more choppy price action for whole of today.
This might trigger the prices down in my opinion. Let us see.
Also on the 5min the price broke 200MA,
I shorted this pair and “wish” it goes down. lol
You got your wish… for now… Hehe.
Greg, Sebastian
I was expecting euro/jpy to break lower after following analysis :
1) The price could not break 23.2 fib level yesterday even after many times.
2) Euro was going down and expected to go down further.
3) usd/jpy did not move up further.
Got my short position closed and made around 70 pips.
Thanks to greg for continued analysis on this pair.
Congratulations. Greg