Community
Blog

Community Blog

Add post
Filtered by tags:  V Shaped Reversal
Avatar

EUR/JPY Range-bound on Long-term Charts

fxsurprise8 Posted 28 Feb. as Analysis on EUR/JPY, Target: 118.73, Date: 3rd of April, 12:00 GMT  in #Technical analysis #Euro #EUR/JPY #Japan #European Union #Japanese Yen #Range Bound #Single Currency #Congestion #No Trends #V Shaped Reversal
The EUR/JPY has been range-bound for over 8 months now. As you can see on the weekly chart below, the downtrend has been broken and we got a V-shaped reversal. We are now quoted at 118.73, this is the same price as back in June for example.
The situation doesn't look any better on the daily charts as well. Here we can see that the Trump rally from November is slowly being retraced away. Here we got an upside down V-shaped reversal.
In short, while volatility is high prices are not moving much on…
Read full story
Translate to English Show original

Since you are not logged in, we don't know your spoken language, but assume it is English
Please, sign in or choose another language to translate from the list.

– or –

7 Comments
View 2 more comments
fxsurprise8 avatar
fxsurprise8 31 Mar.

UPDATE 3: More good news to report! The downtrend in EUR/JPY continued for another day. Not only did the pair fall down to my target but it even exceed it a bit.

We are currently quoted at 118.66, 7 pips below my forecasted price. While the past few days have seen some downward momentum, on the monthly charts  this is still range-bound market.

As a reminder, we opened the monthly at 119.20, the highest high was at 122.88 while the lowest low was at 118.63 (today). So lots of volatility but ultimately not going anywhere.

fxsurprise8 avatar
fxsurprise8 1 Apr.

UPDATE 4: Time for another update and this time with a chart! The EUR/JPY so far is behaving right as expected.

We forecasted more range this month and as the chart above shows this is exactly what we got.  The vertical line shows the monthly open on March 1st.

We opened the month at 119.20, the highest high was at 122.88 while the lowest low was at 118.63 (Friday). We are currently trading very closer to the lows and almost exactly at my 118.73 target. Let's hope for a calm end to this contest!

fxsurprise8 avatar
fxsurprise8 2 Apr.

UPDATE 5: After closing near the lows on Friday, this Sunday morning we're seeing a general recovery in all EUR pairs. The gains are not large but they're sizable for this time of day, which tends to be a bit slower.

Same happened with te EUR/JPY, that initially saw it gap open 14 pips higher at 118.76. We tend rallied further to 118.97 but fall back down to 118.75 right now.

fxsurprise8 avatar
fxsurprise8 3 Apr.

UPDATE 6: My initial forecast called for range-bound movement in the EUR/JPY. As evidence I presented two long-term charts (daily and weekly) where we can see a V-shaped reversal, the hallmark of all range-bound markets.

Now we add to this collection the 4 Hour chart (see above). This shows the most recent price action of this currency pair during March and again confirms the ranges by printing yet another V-shaped reversal!

fxsurprise8 avatar
fxsurprise8 3 Apr.

continued due to word limit: The EUR/JPY opened the month 119.20, then rallied to a high of 122.88. From here we fell to a low of 118.13. We are currently trading at 118.35.

But ultimately the pair 'closed' the contest at 118.69. This was the price printed at 12:00 GMT, according to the Dukascopy charts.

This means that my initial forecast was 'off' my only 4 pips or 0.033%. Not a surprising result given that price action did exactly what I expected. Let's hope that the other guys weren't as lucky so I can finally score a top 1 position in this contest :)

orto leave comments
Avatar

Swedish Krona Mean Reverts Against Euro

fxsurprise8 Posted 31 Dec. as Analysis on EUR/SEK, Target: 9.5765, Date: 1st of February, 12:00 GMT  in #Technical analysis #SEK #Euro #Support #Resistance #Reversal Pattern #EUR/SEK #Mean Reversion #Swedish Krona #V Shaped Reversal
The Swedish Krona mean-reverted against the Euro yet again. This wont come as a surprise to the readers of my TA posts, because I've written about the range-bound nature of this pair for the past few months. In the process of reversing the pair fell back below the 9.73 handle, a key resistance level that kept a lid on prices.
On our next chart we can see just how important this level has been. It remained unbroken for the past few years, holding the EUR/SEK in a tight range. Things are not looki…
Read full story
Translate to English Show original

Since you are not logged in, we don't know your spoken language, but assume it is English
Please, sign in or choose another language to translate from the list.

– or –

Leave a comment
orto leave comments

Top bloggers

Blogger Posts / Likes

Top rated posts