EUR/JPY Anytime!

Long @ 125.22
SL: 125
PT: 128

Support previously broken down at 125.2 has been retaken. Should hold.

It was a nice area to go long ...

Can We Repeat it again...!?

Out.

I *really* hate this f*cking bitch.

Another try...

Long @ 124.8
SL: 124.6

Hi everyone
Does any one considering the possibility to enter long on EJ ?
on 124 40-80 ?

Guess not...
2-4 Hr. charts

I was looking at this possible inverted H&S with an entry on a retest of the neckline. Looks like it may have failed.

The decline I was describing previously expanded yesterday, reaching another lows. Wave 3 divided into 5 parts, and the short-term upside move I mentioned earlier was just a correction to the 3rd part.

Now price has reached 423.6 Fibonacci level comparing to wave 1 length. Either it'll start to retrace from this area, or we'll see the continuation of downtrend till 122.5 without any significant retrace move.

Keep in mind also, that after 3 waves are formed, EJ can make another peak (above 128), correlating with the other major pairs.

The chart is attached in the signature link

I was just reading on Bloomberg.. Posted April 8th.. (well it is April 8th here were I am too..) That Greece might default on their loan and that many big investors were buying the yen as a safe haven. I also read that the U.K. might start being pushed into a recession. So how do these fundamentals affect your Technical analysis on your charts?

By the way, I am a newbie, so lots of questions.

Possible long around 123.70 next 24 hours...

Watch after Unemplyment Claims tonightbut target would be 130 area over the next week or so...

See attached. thoughts anyone?

I am short Eur/Jpy @125.791. How much downside do you reckon this move has.

My kind advice, before anyone considers going long or short on this EURJPY beast, please do a very thorough analysis of your bigger time frame charts. Trying to take a position that is contrary to bigger time frame trends is akin to rowing a canoe upstream against a very strong current. I learned to trade that way. I have caught so many falling knives (some of them very hot, too) on the FX market and I can assure you, its not a comfortable and wise thing to do.
Also, no matter what the time frame, use of a stop-loss of less than 75-100 pips on the EURJPY is not healthy for your account balance and your emotions too. It's better to reduce the number of lots traded.
For those who may want to take a contrarian position hoping that this currency pair is now "turning around", I suggest you first confirm your observations with say maybe 15 and 30 minute time frames and then only enter your position once the price action had "flipped" to the other side of the daily pivot point, supported by an overbought or oversold RSI on larger time frames, or price action bouncing off larger time frame support/resistance or key moving average lines.
I also use Pair-me-Up's strategy of studying pending and / or underlying fundamentals. And it often pays to wait, for example, today I will not enter any new positions until the UK, EU interest rate announcements and the USA Unemployment Claims weekly figures are released.
Wish you many more pips and happy trading everyone

This is a timely reminder to us all, given the state of play. I have read this thread for several months now and have found the postings very informative and good food for thought. Here's to continuing this great exchange of ideas.

good call... but i think Ej has more room to go down since GJ uj are going deeper so i think it also could go till 120.xx region then start again a journey of upside

Ub

Further to my post above, I also keep a close watch on the Dow Jones and S&P 500 status. I somehow noticed that the EURJPY tracks these two indexes or vice-versa.
If I am working around the house, I also use an egg timer to remind me to go back to my computer. So I don't get bored gazing at the screen all day long. I work a full time very busy non-financial job and just happen to have the day off today.

Sitting on my hands. I want to see what happens when/if price reaches the area highlighted.

Yeah !

We Could !

& From Lower Point !

Did any one see this? I just copied some of the high lights. Looks like Jean Claude Trichet is telling some white lies to save face. But that is only my opinion.

Mounting speculation that Greece will default on 304.2 billion euros ($405.2 billion) of debt is depriving European Central Bank President Jean-Claude Trichet of the stable markets needed to bring Europe out of its worst post- war recession.....

the euro has lost 4.1 percent against the dollar and the extra yield demanded by investors to hold Greek debt rather than German bunds increased as high as a record 4.43 percentage points as traders saw a greater risk of default. Trichet, who was supposed to spend his final year in office nurturing the region’s nascent recovery, finds himself powerless to resolve the crisis because he has no control over fiscal policy.....

“Trichet is essentially an observer in the current crisis,” said Colin Ellis, an economist at Daiwa Capital Markets Europe Ltd. in London and a former Bank of England official. “He does not hold the levers of power.”
Greece is highlighting the limits of Trichet’s ability to maintain confidence in the euro, which is facing its biggest challenge since he helped bring it into being in 1999. Trichet, who described himself as ‘Mr. Euro’ in 2006, has no say over how taxpayers’ funds should be used to rescue Greece. His push to limit the International Monetary Fund’s involvement in a rescue was rebuffed by leaders last month.
While Greek bonds rose yesterday when Trichet expressed confidence that Greece won’t default, the spread between Greek and German 10-year yields still ended the day at 426 basis points. A basis point is 0.01 percentage point.
Interest-Rate Questions .....

Trichet, 67, is trying to protect the euro as politicians refuse to fully explain how they would rescue Greece should it fail to raise money in financial markets. While leaders said on March 25 that they would co-finance a bailout with the IMF, they never spelled out when aid would be forthcoming or how much it would cost.
German Chancellor Angela Merkel has also questioned whether her taxpayers should be asked to help fund Greek excess, casting doubt on her commitment to any rescue package. As Greek bonds plunged yesterday, a German government official reiterated that a rescue package would only be a last resort.

So are we really in a bull market now? Or is it only a temporary scalp?

Sydney, April 09: Traders suspect there might be some EUR/JPY selling at some stage ahead of the weekend. The speculation that China will allow the Yuan to strengthen has intensified since the NY Times article yesterday said that China was "very close" to announcing a change in policy. Even though most analysts feel that a change in policy might be weeks/months away - there will be a tendency for the market to position for a move ahead of every weekend until if and when a change in the Yuan policy is announced. Most agree that there will be at least a knee-jerk reaction to sell EUR/JPY on the prospect of China allowing the Yuan to strengthen. The ongoing problems in Greece and the chance that the situation will deteriorate ahead of the weekend - just adds to the appeal of selling EUR/JPY.

& It's Still Running.....