Today we present the updated Forex live chart for EUR JPY.
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EUR JPY Forex trading tips
I use pivot points and target trading for the direction of trades for my forex analysis. Let’s check where the EUR JPY may lead us for the next days and weeks.
Weekly shows two targets. The first target is at 126.932 – 169 pips above the current position. The rsi is just above the buy zone indicating a little further down movement before it is ready to travel up to the sell zone.
DAILY shows a target at 129.047 – 60 pips above the current position. The rsi is in the buy zone and looks like it will be moving up soon.
EUR JPY in the news
Retail trader data shows 27.30% of traders are net-long with the ratio of traders short to long at 2.66 to 1. The number of traders net-long is 32.40% higher than yesterday and 3.04% higher from last week, while the number of traders net-short is 35.41% higher than yesterday and 79.26% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/JPY prices may continue to rise.
Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/JPY-bullish contrarian trading bias.
n the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next according to ActionForex.
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Enjoy the week, and see you next time!
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