EURJPY Analysis – What to do about this yen pair?
USDJPY and GBPJPY continues on strongly today in their bull trend. usually yen pairs correlate and move together. although EURJPY is bullish on the weekly and daily charts, it’s didn’t break out of its current range (as observed on the three hour chart) as a result of overall euro weakness. should one remain bullish “intraday” on this pair? Well, the fundamental principle of trading in the direction of the overall trend should be maintained to reduce risk.
Although there’s chance to short this pair at 122.56 and 123.30 to take profit levels of 121.95. nonetheless, I prefer to invest the overall trend as a strategy. good buy levels ar 121.93, 121.17 and 121.09. In summary, my overall outlook on this pair remains long. as it is neutral presently, I buy on pullbacks taking profits at range top levels. i’ll continue to monitor the pair for a break and a sustained move, additionally as close above level 123.31.
In Other View Point – EURJPY End of Uptrend?
The highs on Mon 5th and the highs on Wed 8th. Forming here a resistance (blue line) 2 days apart. If we look at the hourly chart the movements after the 8th were small. Not much happening or showing confirmation that the uptrend will keep going. but there also are no new lows. so I’ve marked a support level from Dec 2d that was almost tested on Dec 8th. Let’s wait and see what happens but this could be a good short if that support is broken and indicators ar strong. for example look at the RSI. it has been getting oversold all this past week.