EURJPY seems to be support at this level 116.00 There does not seem like a clear direction for this pair at this point of time.
Taking the queue from EURUSD (bearish bias), I would think that there could be more downside for this pair.
Trade execution Let the charts show us if 116.00 support can hold. I have a neutral bias for this pair
Komen
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Price just continued to go down below the support zone that I marked out (116.00/30). Now I would consider this zone as an SAR (support turned resistance)
Next I would be looking for price to retrace back to the zone to go short. Target for this downside could be up to 113.90 (see my next post to understand why 113.90)
Looking like it's going to head back up to 118 area, see my idea for this pair for my fibonacci retracements on the daily time frame!
BoonHooi
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@ADingle, I saw your post. Cool....
Just a word of caution, price has not turned yet at the current level (116.00).
I would like it to turn up now and then use the fibs as you have drawn as the target at 118.00 (50% retracement up)
ADingle
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@BoonHooi, Yes, I see exactly what you are saying. Best of luck to you, and may we hit 118 :)