EUR/JPY Coiling in a Triangle Pattern | Forex Factory

  • EUR/JPY Coiling in a Triangle Pattern

    From fxtimes.com

    Bullish: EUR/JPY has been on quite a bull run since the July 2012 low just under 94.00. The daily chart shows a market that has persistent bullish momentum with the RSI tagging above 70 and holding above 40. Triangle: As we start the new year, it has reached the 116.00 handle, but is now stalling under it. The 1`H chart shows the coiling of EUR/JPY after the late December swing from 113.19 to 115.97. True breakout: A true breakout from the triangle is not just the converging trendlines. That would be an initial sign of direction. However, especially if it is against the previous trend, which is up, it can often be a ... (full story)

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frx_trader
Jan 8, 2013 8:23am
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Quoting 4rextrader
113.50 is support line, if it breaks that, its bear terrority.
Mr. Yang, what do you think of your charts?

I would let it fall to 112, a stronger and very strong support line.
Reply
frx_trader
Jan 8, 2013 9:25am
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Quoting fxtimes
I am waiting on the market to clear above 116 or below 113.19. Above 116, i m more prone to enter immediately, below 113.19, I am prone to wait for a pullback. But honestly, in the longer-term, I don't want to short EJ...maybe i ll miss some nice pips. But i m probably going to tread lightly to the downside...and be a bit more aggressive to the upside.

- Fan
Thanks, Mr. Yang.
Reply
frx_trader
Jan 8, 2013 7:09am
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I have almost the same charts. I think most people do. BOJ must have been watching it too. They will let it fall to a point creating some illusion, and then you know what.
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frx_trader
Jan 8, 2013 7:12am
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Buy @ 112. Very critical support line.
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frx_trader
Jan 8, 2013 7:22am
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Well, you can buy @ 113.40 and hold on to it to rise again to 118.
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frx_trader
Jan 8, 2013 8:08am
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The reason is entries and exits are important. Be patient. When the price is right, then make the move.
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frx_trader
Jan 8, 2013 9:29am
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Quoting 4rextrader
113.50 is also a support line.
4rextrader, you can see my comments above, and draw your conclusion. Cheers
Reply
frx_trader
Jan 8, 2013 9:34am
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And Happy New Year, Mr. Yang.
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frx_trader
Jan 8, 2013 9:35am
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Quoting 4rextrader
lol i saw thank you
Happy New Year.
Reply
frx_trader
Jan 9, 2013 8:00am
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I am watching 114.29, which maybe the pivot since it's most crossed.
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frx_trader
Jan 9, 2013 8:05am
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On 4 hr charts, EMA 5, 10, 21 are closing one to another.
Reply
4rextrader
Jan 8, 2013 8:20am
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Quoting frx_trader
Buy @ 112. Very critical support line.
113.50 is support line, if it breaks that, its bear terrority.
Reply
4rextrader
Jan 8, 2013 8:50am
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Quoting frx_trader
Mr. Yang, what do you think of your charts?

I would let it fall to 112, a stronger and very strong support line.
113.50 is also a support line.
Reply
4rextrader
Jan 8, 2013 9:32am
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Quoting frx_trader
4rextrader, you can see my comments above, and draw your conclusion. Cheers
lol i saw thank you
Reply
4rextrader
Jan 8, 2013 9:46am
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Quoting frx_trader
Happy New Year.
happy new year to you also
Reply
mmforexinfo
Jan 8, 2013 7:03pm
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The important support to consider is 133.489 and is bouncing already. It may goes to test 38 Fibo and goes back down. If confirm than we may have a fat bear..
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cppolybd
Jan 8, 2013 7:18am
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Yes but I don't think it will down so much(112). May be 113.40 is a good place to buy..
Reply
fxtimes
Jan 8, 2013 8:51am
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Quoting frx_trader
Mr. Yang, what do you think of your charts?

I would let it fall to 112, a stronger and very strong support line.
I am waiting on the market to clear above 116 or below 113.19. Above 116, i m more prone to enter immediately, below 113.19, I am prone to wait for a pullback. But honestly, in the longer-term, I don't want to short EJ...maybe i ll miss some nice pips. But i m probably going to tread lightly to the downside...and be a bit more aggressive to the upside.

- Fan
Reply
kartha
Jan 8, 2013 7:28am
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Why don't you short at this point ? you can easily make around 120 pip!!!
Reply
Ca2m
Jan 9, 2013 3:00am
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Many a folk is gonna get burned on this one- shit load of doe to be made
Reply
fxtimes
Jan 9, 2013 7:42am
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Broke that triangle, but as mentioned in the update, the support around 113.50 is more important, and it has held so far...that still needs to break before more bears pool in I think.
- Fan
Reply
jerrycollie
Jan 12, 2013 7:59pm
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Oh lucky me: I went long for 448 pips. Where does it go from here, up or down?
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