Euro / Yen JepunPanjang
EURJPY Medium Term Outlook!
I have mapped out trend lines that indicate this pair is in the middle of an up trend and has pulled back slightly.
I have identified a significant level where price bounced off the bottom trend line referenced A 134.00. I used this as the starting reference of a geometrical analysis that is showing a strong ABCD Fibonacci sequence. Point B of the sequence was 2014 yearly high of 149.72. And point C was the pullback that only retraced just over 23.6% 144.92. This was a weak pullback so I am expecting this wave to go down further and test the 38.2% support level outlined in blue.
My D extension targets are significant Fibonacci ratios that are consistent in historical data to be strong targets zones: Target 1 150.91 Target 2 152.76
As I said I am expecting a stronger pullback with a possibility of testing the trendline and 200SMA. However Yen weakness is driving this pair bullish.
Lets see what unfolds. Feedback is welcomed
Merry xmas!
I have identified a significant level where price bounced off the bottom trend line referenced A 134.00. I used this as the starting reference of a geometrical analysis that is showing a strong ABCD Fibonacci sequence. Point B of the sequence was 2014 yearly high of 149.72. And point C was the pullback that only retraced just over 23.6% 144.92. This was a weak pullback so I am expecting this wave to go down further and test the 38.2% support level outlined in blue.
My D extension targets are significant Fibonacci ratios that are consistent in historical data to be strong targets zones: Target 1 150.91 Target 2 152.76
As I said I am expecting a stronger pullback with a possibility of testing the trendline and 200SMA. However Yen weakness is driving this pair bullish.
Lets see what unfolds. Feedback is welcomed
Merry xmas!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.