EUR/JPY Top Down

EUR/JPY has always been one of my favourite pairs to trade. I don’t really know why but I’ve liked it, especially lately now that it has come alive again. In the last week or two I’ve been expecting a turn down based on the weekly chart below but it hasn’t happened.

EUR/JPY Weekly

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So in order to clarify things in my mind I’ve looked a little deeper. The next chart is also a weekly but with a wider view. Put simply, three sets of fibs and a trendline are converging at the mid-113 area. A few hundred pips more then?

EUR/JPY Weekly

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Now I’ve never been a fan of EWT but the daily looks like textbook stuff where the final wave 5 could end at the above weekly fib and trendline target.

EUR/JPY Daily

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EUR/JPY 1hr – shows the short term trend is still up.

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EUR/JPY 1hr – close-up highlighting the break and test of 109.85.

10c

 

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