Daily EUR/JPY analysis

USD/JPY still not participating...EUR/JPY a sale if it breaches 167

Just gone short for a scalp

chuckend out at -5

Short on EUR/JPY at 166.60 level. Expecting it to go down.

16 min later


Sounds like a SNIPER to me!

Liking the short on this pair after a brief break of the 90's high. We'll see what happens next week. I like it because the daily, 4h and the hourly are all sell, sell, sell....although please beware of the carry trade rules....which are that the carry traders (the big players as well as the small players) do NOT want to "pay" overnight interest. My best guess is that there is a good chance of a dip, and then we'll see.

May it go down under 165 level, it seems quite possible to me.

Tankan will tell...

The rest is risk apetite across the galaxy, next week

I am almost positive it will go down till 166.20 resistance. The problem is i am not sure if it would break that resistance and go under 165.

Looking at the Fib levels on this pair, it seems we cound now be in for some long-term sideways movement. The link is tenuous at best - since anything EUR based is really not too valid prior to the EUR intro, and the tech studies below are not strong.
But that said, there is the start of a trendline from June, 2001 and June, 2005, with an intermediate peak in late May, 2003, putting the next peak sometime around now (as shown by the vertical comb cursor). OTOH, the current level represents the 1.62 extension of the first peak, as shown by the horizontal fib lines.
Unfortunately all the signals are not strong - there's only 2 points to the support line (it should have 3 or more), and the vertical cursor lines are accurate in domain identification to only 2 or 3% (you move the first one a little, the last one moves about 3 times as much.) But it is intriguing, one can hope for a strong Tankan followed by a further tanking on the pair, in which case we may be into range trading for the next year....And of course as this pair is so heavily managed (check the bottom readings in late April/May 2002m they seem a little, ahem, unusually flat...).


http://gammarat.com/Forex/2007/06/eu...20070630pm.gif

At closing day we saw a long single candle. It's not reliable; if it starts under the closing price we may see a black candle on the opening of the market.

2: The EUR/JPY has firmed up to 166.85 this morning form the low of 166.52, as
slightly lower JGB yields after the Tankan release is weighing on the JPY. There
is decent selling interest ahead of 167.00 from Japanese names with stops eyed
just above that level. The all-time at 166.95 is resistance on the day. Hourly
support is found at 166.40 and a break below that level would relieve the upward
pressure. The EUR/JPY trades 166.81/86. [email protected]

From Fxcm

EurJpy touched the weekly 23.6 fib

What are you thinking about this pair? Today wasn´t able to break resistence. Making a big correction like G/J and U/J? My indicators system show me that come down. What is your opinion?

Thanks

http://www.iexchanger.org/forex/www.gif

Thanks for post your chart. Is the same i see. I think that is better to wait, to see the direction. Now doesn´t break, but seems like eur/Usd some days ago.

What is your opinions about today? Can it go down under 166.50 from now?

damn, if your imagination works out, that would be a head and shoulder formation in the making.

i'm long btw, hoping this goat hits 167. just remember eurjpy is a CROSS i.e
eurusd*usdjpy = eurjpy. so because usdjpy went down today and eurusd went up, eurjpy balanced out and stayed steady

Long at 166.30, 170 here I come!!

Hehe! Long at 166.37 here too.