Tag: euro-yen

Yen Crosses Party

It’s interesting that from the currency pairs & crosses that I’m monitoring right now, the yen crosses are the ones with the most interesting market condition, including:

EURJPY, GBPJPY, NZDJPY, AUDJPY

These crosses are trading in a very clear bearish market condition, but that’s not all, the next LT support level is a few hundred pips away on all of them.

But one pair I don’t like right now is the USDJPY, not clear market condition, no consistent support & resistance lvls…

Weird isn’t it?

Be careful tomorrow with the NFP announcement

Trade Safe!
Raul Lopez

AUDJPY, dollar-yen, EURJPY, euro-yen, GBPJPY, nzdjpy, yen crosses

EURJPY: Clear bullish market condition

The EURJPY broke an important resistance level and it will probably head to the next LT resistance level. If we take a look at the weekly chart, we’ll see the it has a long way to go before the market hit the next 1W resistance level:

EURJPY
EURJPY

You got to be careful though, keep in mind that we are talking about the weekly chart and it could take a while before the market hits this resistance level. I would say at least two weeks, but If you trade the long term charts, I would recommend you to look for long trade opportunities (in your own risk of course).

Trade Safe
Raul Lopez

EURJPY Analysis, euro-yen, Forex Crosses

EURJPY: Retraced a little, but still in a bullish market condition

Even though the EURJPY retraced from 132.59 to 131.82, it is still in a bullish market condition. It broke an important short term resistance level during the European session, so I’ll be looking for a long trade opportunity:

EURJPY
EURJPY

Here is my trading plan:

As long as the EURJPY trades above 131.90 I will be looking for long trade opportunities. My next LT resistance level is at 135.20 (we could see some resistance around 134.30 though).

If the market breaks the 131.90 down, I will be in the sidelines.

Trade Safe!
Raul Lopez

EURJPY Analysis, euro-yen, Forex Crosses

EURJPY: Bullish market condition, looking for long opportunities

Yesterday we wrote about the weekly outlook of the EURJPY, on the weekly chart the market was bullish, today we can confirm what we wrote in the daily charts, it is also in a bullish market condition:

EURJPY
EURJPY

And as you already know, when the market is in a bullish market condition, its time to look for long trade opportunities.

My Trading Plan:

As long as the EURJPY keeps trading above 132.03 I will be looking for long trade opportunities. My next long term resistance is placed at 135.20.

All short opportunities will be ignored.

Trade Safe
Raul Lopez

EURJPY Analysis, euro-yen, Forex Crosses

EURJPY: Long term Outlook

Sometimes it’s good to have a look at the weekly and monthly charts to have a better idea of where the market is heading. Take a look at the EURJPY weekly chart:

EURJPY
EURJPY

In this chart, it is clear that the market is ranging in between the main support & resistance area. But what is more important is “how” the market behaves when it gets close to the main support area, it gets rejected with strength. This gives us a good idea of where the EURJPY is heading, probably in the next weeks it will het the main resistance area, which is 600 pips from where the market is trading now.

Of course we’ll need to use the short term charts to pinpoint our entry (this way we´ll get a good risk reward ration).

Trade Safe!
Raul Lopez

EURJPY Analysis, euro-yen, Forex Crosses

EURJPY: Bullish, and looking for long opportunities

The EURJPY traded for a few days in a range in between 132.78 and 134.40, it was a pretty defined range, but it only had around 160 pips in between, making it hard to find good swing trades. However, the EURJPYalready broke the top of that range. Take a look at the next chart:

It is trading above that range and it will probably continue its way up until the next long term resistance level is reached.

My Trading Plan:

As long as the EURJPY keeps trading above 134.40 I will be looking for long opportunities and will target the next resistance level around 137.42.

All short opportunities will be ignored.

Good luck

Raul Lopez

EURJPY Analysis, euro-yen