Category Archives: EUR/JPY

Powerful Reversal Pattern On EURJPY Points Lower

Grega Horvat

EURJPY can be trading in final stages of a higher degree impulse, which means a three wave reversal lower can be in view. Current rally can be final wave 5) in the making, that is more and more looking like an ending diagonal pattern. An ending diagonal pattern is a powerful reversal pattern, that can after its completion push prices in the opposite direction. Hopefully, current Fibonacci ratio of 261.8 will act as a resistance and also push prices lower. more…

Macron’S Triumph Removes Eurozone Political Risk

Daud Bhatti

Emmanuel Macron won the presidential election last Sunday, defeating Marine Le Pen, a far-right nationalist who wanted to take France out of the European Union. Markets had feared that Le Pen’s win could threaten the EU project, but Macron’s win has eliminated uncertainty regarding France’s membership of the Euro and removed the risk of near-term severe political shock to France and wider Europe. The Euro went above $1.10 briefly, but since then has pulled back. The upwards move was not dramatic than the first round of French elections as many traders have anticipated Macron’s victory and thus victory was already well priced in. more…

EUR/JPY Huge Marubozu After French Elections

Nenad Kerkez

The EUR/JPY had formed a huge marubozu candle (purple highlight) on 4h time frame after it was announced that Emmanuel Macron won the first round of the French presidential elections. If you followed my Price Action Trading School, than you should know that marubozu candle appears during high momentum in the market. Equities and EUR/USD went bullish, especially CAC40 as I predicted and analysed in the blog post before the elections. more…

Elliott Wave Analysis On EURJPY And SILVER

Gregor Horvat

EURJPY Markets are very slow today after we have seen action on friday following NFP report. Here we have EURJPY now that made a deep pullback in the last four weeks, but for now still with three waves from around 118.40 which appears to be a corrective move. Notice that price has made five subwaves down in wave C which is now turning up from the lower support channel line. Current bounce looks very promising for bullish price action ahead that may lift price even back to levels from July highs if upper trendline is broken. more…

Yuppy Is Going Down

Nenad Kerkez

The EUR/JPY is making bearish swings on daily chart and our mini chart suggests a continuation of bearish trend. Sell on rallies could be possible close to POC 113.35-50 (H3,DPP, trend line). Additionally POC zone is 78.6 fib of the last bearish swing on H1 chart. The target is 112.75 and if the price makes a momentum break below 112.75, it will target 112.25. Only below 112.25, 111.40 is possible but it will hardly happen today as we are in a holiday trading mode. more…

EUR/JPY Consolidating Within Bullish Pennant

Nenad Kerkez

The EUR/JPY has been consolidating in the bullish pennant for last couple of days. This consolidation is showing a battle between bulls and bears for the next breakout. For trading purpose we have 2 possible scenarios. Twofold scenario is possible due to general downtrend and bullish pennant at L3 support. As the price is generally bearish, we might see a drop from POC zone 117.97-118.20 (H3, DPP, 61.8,EMA89,the top of the pennant) towards 117.50, 117.00 and 116.45. However if we see an upward breakout above 118.25 the price could reach 118.64 and 119.05-20 zone. Watch the correlation table and equities. SP500 will move in correlation with EUR/JPY during NY session. more…

Elliott Wave Analysis On EURUSD And EURJPY

Gregor Horvat

EURUSD: Traders, we have some first signs of a continuation higher on EURUSD after price made an overlap with 1.0882 which invalidates any bearish impulse down from 1.0970 high. As such, we are even more confident that decline is corrective and ideally it was wave E, final leg within a big triangle that can send prices higher this week. Today at 16.00GMT ECB President Draghi will have speech, so if price will stay in bullish mode after that, then we may consider entries on a pullback. We will track it very closely! Any break beneath 1.0770 will invalidate our bullish bias. more…