Daily EUR/JPY analysis

In fact, I see that EUR/JPY can fall further than as off AUD/USD...

sonic

yes.

please read also

http://www.bloomberg.com/apps/news?p...7pM&refer=home

No moves at all , any reason for that?

Any thoughts about SL, TP levels when making mid-term sell position on EJ?

It would be nice to read your views, I'm going to share it next day, after analyzing charts.

traders off to play scrable instead of trading

I think our overall direction is going to be down, but does anybody think we're going to have a retrace here? I'm thinking we might hit 168.3 before moving back down again, but I don't want to incorrectly analyze the typical Friday liquidation, as a lot of shorts are closing right now, forcing the price up.

I agree, I JPY as the strong version of the USD without all the broken bones. EUR/JPY has plenty of room to move down. So does GBP/JPY. Shorting on strength.

Well. Seems your plan might screw mine

My shitty analyziz say 16805 first by 9:30 GMT then choice of direction,
Anyway I will close 1/3 of my longs there from 16715 (averaged posi) and wait for 16820 or 16790 will be cracked with confimation then will take another strike. I must admit that I prefer break to the upside to target around 16880 by 03:00 GMT before 4th of august.From there a little pull back and another strike to ultimate target of this subwave whichis 17110 area,We will hit this target before midnight 7th of august.Then ABC correction and last thrust to my ultimate goal 173xx area.This will be end of 5th wave from 130, Finally end of ABC correction from 91(wave 4th).
Then we will start final 5th wave to 30 area. Target should be hit before year 2020 ,
Charts with my outlook is located here

LOL

I must admit, if I wasn't in agreement with you at least 80% I'd call you crazy.

1. Don't follow the EUR/YEN much but GY I do. Suites my personality. So I believe its at a very important confluence. If we fail to break the downtrend line, we'll end up at 180. Not quite a 2020 projection but 1 year out. Not to mention on the daily's it has pierced the upper bollinger band and exectued a bearish engulfing candle, at 50% fib of my projection and at the downtrend line. YIKES! High probability? I am going to play it, but I do not know if THIS IS IT...<you never really know> So good luck

Hi Doadoney,

I believe you are NZ, where abouts?

Thanks
Phoenix

No bro Seattle, Washington.

wth bad news coming from euro, I don't see euro breaking 170...

Hi all,
Has anyone an idea of a very reliable buy /sale indicator that can give an accurate signal of when to buy and sell . I will like to know where and how to get it.

Thanks

there is not such an indicator to be accurate 100% otherwise every guy who had such an indicator would sit on his computer and make dozens of thousands every week.. if you want to make money in forex get real and set realistic targets of just a few pips per day. In fact 10 pips per day will make you 50 pips in a week.

eJ mine

The bottom is 153.00 yet very unlikely one.

really nice and useful chart, thanks a lot for sharing!
speaking about great pip fall at ej, does anybody have a piece of information about a possible intervention from jpy?

I like to introduce the ichimoku-indicator, which most of traders are not using it (I think). It´s a standard-indicator for MT4.

Ichimoku is very popular for asian-brokers (I read), and the jen is involved in eur/jpy, so lets have a look at the ichimoku-situation:

"The cloud" is the no-mans-land, above the cloud is bull-territory, and below the cloud is bear-territory. Please notice, that the price has tried a few times to touch the cloud, but did not managed it, it was always rejected.

So, you see the function of the cloud. Upper part and lower part of the cloud (correct term is senkou span a and senkou span b) works as a resistance.

On my chart today it´s 166,67 and 164,01 resistance.

Would be nice to hear your resistance-levels.

Nice trading

Japan's new Cabinet aims to boost economy (August 3, 2008)

TOKYO: Members of Japan's newly appointed Cabinet said Sunday they are considering further economic stimulus measures to address consumer concerns about rising prices.
Prime Minister Yasuo Fukuda replaced several key ministers Friday in a move aimed at boosting public support for his government, which has dropped to around 20 percent in recent months amid a series of political scandals and bureaucratic blunders.
New Finance Minister Bunmei Ibuki said earlier steps taken by the government were insufficient and "we have to take additional economic stimulus measures."
An additional budget for the current fiscal year is among the options, he said, appearing with six other new ministers on public broadcaster NHK.
"We have to think what we can do after using it (the current budget) up," he said.
Japan recently introduced measures to ease the impact of global price rises, including a 74.5 billion yen (US$690 million) aid program for fishermen hurt by higher fuel prices.
Japan's economy has shown signs of deterioration in recent months, with unemployment rising and consumer spending falling.
Japan's jobless rate climbed to 4.1 percent in June from 4.0 percent in May, reaching the highest level since last September. Household spending in June dropped 1.8 percent from a year earlier.
"The impact of the rising fuel prices on the local economy is extremely serious," Trade Minister Toshihiro Nikai said. "The entire government must make all-out efforts to overcome the difficult situation."
No details were released, but local media reported Sunday that the additional measures could provide financial support for small businesses, farmers and fisheries as early as September.
Speaking Saturday after the new Cabinet was sworn in, Fukuda promised to do his utmost "to create a society where the people can live with peace of mind" and provide emergency relief to those hit hardest by rising prices of fuel, food and other goods.
Fukuda had seen his support ratings nose-dive in recent months amid scandals over lost pension records and accusations of bribery in the bureaucracy.
Public support for the government generally rose after the Cabinet shake-up, according to newspaper polls published Sunday.
A Yomiuri newspaper survey found the public approval rating shot up to 41.3 percent from 26.6 percent in July, with disapproval falling to 47 percent from 61.3 percent.
But a separate survey by the Mainichi newspaper found an improvement in the approval rating of just 3 points to 25 percent, while the Asahi newspaper found the approval level unchanged at 24 percent. The polls, conducted Aug. 1-2 with telephone interviews of randomly selected adults, did not provide a margin of error.