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.
MONTHLY shows this pair has two targets. The first target is at 123.900 – 226 pips below the current position; the second target is at 118.044 – 805 pips below the current position. The rsi and cmo are in the middle headed to the sell zone indicating there is further up movement to come from this pair.
Weekly shows three targets. The first target is at 125.746 – 42 pips below the current position; the second target is at 123.993 – 212 pips below the current position; the third target is at 122.525 – 365 pips below the current position. The rsi and cmo is in the sell zone and appears ready to head down to the buy zone. However this pair also has some up movement to come first before heading back down, therefore confirmation of this trade moving down is needed before placing a sell trade in this time frame.
DAILY shows two targets. The first target is at 127.103 – 105 pips above the current position; the second target is at 125.249 – 82 pips from the current position. The rsi and cmo are in the middle and appears to be headed up to the sell zone.
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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