Action is playing within a confluence of potential Gartley/Butterfly zones and looks like a reasonable entry point for a possible move north.
1st entry taken @ 135.86 + 22............we'll see how it goes
arco
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Action is playing within a confluence of potential Gartley/Butterfly zones and looks like a reasonable entry point for a possible move north.
1st entry taken @ 135.86 + 22............we'll see how it goes
arco
Patience, patience...........
however, making some minor progress + 32
Possible Gann support 135.94 with Gann resistance above @ 137.50
arco
I closed this position +7 after the Gann was broken in what appeared to be a fast positive move, - although its seems to be creeping back up again now [V]
from my platform news an hour ago
[EUR/JPY] is holding below the now pivotal 200 day m.a. at 136.15, buyers of the earlier break to the 136.42 day's high having been frustrated by Japanese exporters" keenness to sell ahead of Friday's end to the fiscal half-year. As noted earlier speculative Jpy longs could be in for a test if Japanese CPI at 23.30GMT comes in significantly negative. The focus amongst traders has been comments from a range of BOJ speakers recently who have said that Japanese prices are set to begin rising. Initial bids are noted in the 135.50/75 region.
Quote:
quote:Lars Skriver - Jyskebank
Can the Tankan report on Monday do what a higher Nikkei,
higher bond yields and better economic fundamentals cannot
do? Namely taking the JPY higher across the board and
especially against the EUR. This would be a bit surprising as the
Japanese currency tends to be immune against any fundamental
figures. Could this report for once be the excpetion that
confirms the rule? I doubt it. Though it would suit me fine, as I
keep my entrance level for a new funding position in the JPY
against the EUR around the 133.50 level. A strategy which so far
has failed to pay out. With the risk of repeating myself the key
word for approaching the JPY regarding any funding is
patience. This is especially worth to remember as the EUR/JPY
is tumbling around without having any kind of trend at all.
With the latest positive development on the domestic side in
Japan I guess there must be a few disappointed JPY bulls out
there. This does not include myself. The latest comments of
Suda from BoJ might have given them more appetite as they,
once more, were rather hawkish regarding a change of the
monetary policy in Japan. Too early I would say. Any change of
the current policy takes time in Japan and before this could
happen we need to see the CPI continously spiking higher
taking the economy out it's current deflation. We are not there
yet.
Hence I still see the whereabouts of the EUR/JPY between the
131 and 141, and if The Tankan can boost the JPY, I would use
this as an opportunity to put on a new funding position against
the EUR at the 133.50 level.
Thanks Peat that is very interesting reading.
As mentioned, I got out last night as the action was confused. Best to be out with a small profit and wait for a clear signal. I have placed a limit long at 136.60 because the harmonic patterns are still valid.
arco
Wentlong on the DT line break
Currently +112
Could be some resistance ahead circa 138.84
arco
I've been monitoring this one from the other perspective Arco - I'm waiting for a reversal.
Indeed, 138.85 is a resistance level, followed by 139.48, but hoping for higher goals above 140 before the turn
altiora peto ;);)
http://img137.imageshack.us/img137/8503/eurjpy3ig.png
Xerof
Arco, are you still long this pair?
Its knock knock knockin' on heavens door at 139.48 trendline, but I don't see any particularly compelling reasons for a turn just yet - maybe we can see it grind on up into the 140 to 142 zone?
Xerof
chart update - broke through resistance overnight - 140/141 achievable now
http://img436.imageshack.us/img436/2892/eurjpy2qs.png
Xerof
Morning Xerof
Yes still hanging in.....more to come yet I believe.
arco
141.00 achieved, but still no obvious signs of turning. (Hanging in there still Arco?)
142.13 looks like a juicy turn level, but may look to put a trailing stop entry in somewhere this week.
Xerof
under 140 this morning - damn - the 1.382ish fib area foiled higher attempts - apologies.
Its only come back to rising T/L so far, so maybe all is not lost
Xerof
Well, after NYK close, there's obviously a bearish engulfing candle...
Hi All
H&S on the daily, see if the neck breaks hey;)
Cheers
Slam
Edit: On second look neck has been broken