Daily EUR/JPY analysis

Banda : I hope you're just planning to scalp. But then again if you're scalping, you needn't look too far forward to do so methinks. If you're planning to short it bigtime, my suggestion is that you wait for the confirmation because at the moment this is still in an uptrend and it does not look like it's going to turn just yet. Being early does not necessarily make you right my friend. Just a thought. Cheers.

Still looking good for shorts, but with this beast of a trend lately one never knows! I am holding short and in nice profit thus far (but I usually only shoot for 40 pips so not too major here). Good luck to all.

traget 123.88......then if still shory 2nd traget 123.30......

all be patient.......lets see......u all agree it will down fast again to 121.***
if so we wait tomorrow...

praying it does

its only my view.......if im wrong....forget it.....

im waiting to rach 122.72 again.....if 122.72 breakout then wait to reach 121.92....then it will go up......if im wrong just forget it...

Hm, smells like a beginning of a big reversal...

Radit, great call mate. Time to get paid!

radit27

great trade set up and execution. hope you banked some good pips before that sharp bounce. good stuff

Gabriel, it's been a while. How are the trades coming mate?

hello Azim,
trading has been slow for me, had flu bug that wiped me out, but definitely better. Will be attacking charts this weekend to get a better view and back to trading Asia session Sunday pm. I missed some wild moves for sure, but best not to trade when not feeling well.

I've seen some nice charts in here lately. Good stuff. Well, it's time to head out so... round up those few last pips and enjoy your weekend my friend.

Good to hear you're feeling better now mate. I'm already out for the week except for one small position left open for cable. I'll take that one over the weekend and let it run. It's been a fantastic month for me trading off cable,dragon & euro yen. My monthly target of 15% had been reached and surpassed actually. Up by 65% actually. It don't get any better than this for me really. I will definitely enjoy my weekend & I hope you enjoy yours too.
Catch you next week. Cheers mate

hai guys...more pips...be patient....do u think it may down again ...since not reach at 121.92.....whats your opinion.......?... forget it if im wrong

Hello everybody ,

I have short at eur/jpy longterm .

I think before you can get some hundreds pip, it should be patient to wait for more signals. Although, I mainly think it will down again, I will wait as just be afraid it will make a range before go down.

During the last several weeks price action on EJ is strongly bullish. I made another attempt to analyze it in details.

To my mind, we are wathing for the development of a strong bullish wave 3. We can notice the small elements of this wave. Particularly, at the end of this week wave iii of 3 might have been finished. If I'm right, it includes extended wave (v) of iii of 3.
This scenario is supported with Fibo retracement - as you can see, the length of the iii wave is 161.8% comparing with the wave i of 3.
It means, that we should wait for a retracement (wave iv of 3), I expect it will consist from 3 sub-waves. Now, turn please to 1h chart in order to examine for this retrace more closely.
I suppose waves (i) of iv and (ii) of iv are completed. The following price action can be bearish to complete wave (iii) of iv. I became even more eager about the following down-move when I noticed that the price still hasn't touched the Fibo retracement levels.

Speaking about coming price action, I expect EJ going higher than 126 to finish wave 3. Then we should look for a significant retracement or even a new bearish trend (as this 3-wave pattern may be only a retrace to the previous downside move).

hai guys 121.92 already reached..then come back..be careful....now either go upand down...if u not sure stay away....if im wrong forget it.. im still short from 125.42...x3 and x5 already closed that reached take profit set 121.95...because it will come up again .....

Stop saying if you're wrong mate. You've made great calls. Nobody gets it right all the time
I do see further selling pressure, but I will hold myself not to jump in too early as currently we're still in the uptrend. So good luck guys & good luck to you radit.

Both EJ and EU opened on Monday with a gap to the downside, which continued with a strong bearish move during the Asian session on both pairs.
On European session price action is in consolidation area, I think we can see on 5min chart a 3-wave correction iv to the previous strong impulse movement iii. I'm still looking for another bearish move (number v), which would at last get lower than Fibo levels, which you can see at 1h chart in my previous post.