Gafnn.com Daily Analysis
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EUR JPY Under Microscope
By examining the daily charts, we can see that the pair rose after confirming the breach of the neckline for the upside technical model at 115.65, where the pair managed to break the downside general trend, which dominated the pair’s movement since July 2009.
We can see that the pair retreated to the downside from the 50% Fibonacci Retracement level for the entire downside wave that started at 138.47 and ended at 105.40.
This downside wave targeted the neckline for the aforementioned technical model, nevertheless, the 50 Moving Average stopped the pair from dropping further, since it represents a major support level for the pair, and it seems that the direction has shifted to the upside over the short and medium terms due to the upside technical model.
This projection is also supported by the Stochastic, and accordingly, the next target is located at 121.80, and once that level is breached the pair should continue its upside wave towards the 125.70 level.
Georgia Anderson` Financial News Network, trader, trader education, online forex, daytrader,forex currency, forex software, investors, forex trading, forex
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We can see that the pair retreated to the downside from the 50% Fibonacci Retracement level for the entire downside wave that started at 138.47 and ended at 105.40.
This downside wave targeted the neckline for the aforementioned technical model, nevertheless, the 50 Moving Average stopped the pair from dropping further, since it represents a major support level for the pair, and it seems that the direction has shifted to the upside over the short and medium terms due to the upside technical model.
This projection is also supported by the Stochastic, and accordingly, the next target is located at 121.80, and once that level is breached the pair should continue its upside wave towards the 125.70 level.
Georgia Anderson` Financial News Network, trader, trader education, online forex, daytrader,forex currency, forex software, investors, forex trading, forex
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Trades or trade recommendations made on this site have not been made by Georgia Anderson.
Trades or trade recommendations made on this site have not been made by Georgia Anderson.
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