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EURJPY At Crossroads
EURJPY is at a technical crossroad with the intersection of a 5-month bear trend line just above, which marks the direction of the primary trend. The colored lines on the two charts below are Gann 1/8th lines set to the synthetic 1990 high and the 2000 low. The weekly chart gives us a good shot of the impulse move down that started in mid-summer, and which has yet to give us a significant correction. A close below approximately 126.00 on the daily chart would give us a sell signal in the same direction as the primary trend, with a downside target of the Oct low just below 115.00. Likewise a close above that 5-month bear trend line would give us a buy signal and possibly a secondary rally similiar in breadth to the up-move we saw inthe first half of December, with an upside target off just below 140 which marks a Gann 4/8ths line. Happy New Year Everybody!!! Jay Norris [email][email protected][/email] DISCLAIMER: Futures, options and Forex (off-exchange foreign currency futures and options, or “FX”) trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, options and Forex may fluctuate, and, as a result, clients may lose more than their original investment. The impact of seasonal and geopolitical events is already factored into market prices. In no event should the content of this correspondence be construed as an express or implied promise, guarantee or implication by or from Brewer Futures Group, LLC, Brewer Investment Group, LLC, and/or its subsidiaries and affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided in this correspondence is intended solely for informational purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. All securities are offered through Brewer Financial Services, LLC, member FINRA/SIPC.