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 a target at 129.224 – 69 pips above the current position. The rsi is in the sell zone but pointed decidely up and looking like it is not going to turn around soon indicating further up movement to come from this pair.
DAILY shows two targets. The first target is at 129.133 – 61 pips above the current position; the second target is at 130.369 – 183 pips above the current position. The rsi is just above the sell zone indicating some down movement yet to come, however it should not be very much and then this pair should start climbing up to target. Confirmation of this pair moving up is needed before placing a trade in this time frame.
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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