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EUR/JPY to Stabilize at Double Bottom

fxsurprise8 Posted 30 Apr. as Analysis on EUR/JPY, Target: 121.75, Date: 1 von June, 12:00 GMT  in #Technical analysis #EUR #EUR/JPY #Volatility #Price Action #Double Bottom #Bottom #Japanese Yen #Formation #Range Bound
The EUR/JPY has lost a lot of ground in April. The pair closed the month lower by 636 pips. On the first picture below we can see that the currency pair is oversold on the lower timeframes according to the Stochastic Oscillator. Values below 20 indicate an oversold market.
Let's go up in timeframes. On the daily chart below we see that the pair is now right at a critical support level. This area around 122 Euros per Yen has acted as support on two other separate occasions, forming a double botto…
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fxsurprise8 25 May

The 122.00 support managed to hold up prices once again. We bounced from this level on May 2nd and on May 6th. That bounce took us much higher to 124.63 but we've since falling back.

The EUR/JPY is currently quoted at 122.91, about 120 pips away from my forecast. The 122 mark should continue to act as a magnet. I'm hoping that as we get closer to month-end we'll see renewed selling in this pair to bring me closer to my target.

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fxsurprise8 26 May

Very volatile session in the EUR/JPY but with little progress. During the Asian session heavy selling pushed this pair to a low of 122.25, only 50 pips away from my target.

But these lows were quickly bought up as risk appetite picked up across the board and the pair hit a high of 123.06 during the US session.

From here we got another reversal, this time downward as the EUR/JPY closed at 122.85. This is only 1 pip below the daily open. Fundamentally nothing has changed in this pair, so counting on more stabilization and continued flirting with the 122 handle.

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fxsurprise8 27 May

Today we got another reversal close to the 122 handle. Prices bottomed out at 122.21 before clawing back some of the losses to close at 122.50.

This is 75 pips away from my target. With the Euro being heavily sold on Friday, we could see continuation of the EUR down moves next week to bring us closer to 121.75.

Technically the 122 handle continues to act as both support and a price magnet, inline with my analysis.

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fxsurprise8 1 June

Time for another update!  In the past few days the EUR/JPY had a wild ride. On Monday we rallied to a high of 124.18. But these gains were short-lived as today we crashed back down to.....wait for it.....yes the 122.00 handle again!

The pair bottomed out at 121.98 this morning, then bounced to an interim high of 122.82 before trading back down to the 122.00 handle yet again. We are currently quoted exactly at this level (122.003) with only few hours to go in the contest.

Given how volatile this pair has been today, it will be part luck how close the EUR/JPY gets to my 121.75 target.

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More Losses for the USD/JPY

fxsurprise8 Posted 30 Apr. as Analysis on USD/JPY, Target: 102.11, Date: 1 von June, 12:00 GMT  in #Technical analysis #JPY #Trend #USD/JPY #Price Action #Japanese Yen #Momentum #Downtrend #Doji
Last month we saw a doji pattern in the USD/JPY. This is usually an indecision pattern. But in this case the Doji has been followed by a large red bar. This breaks the stalemate and potentially signals that more losses are to come.
On the lower 4 hour timefame we can see that the pair has fallen by over 500 pips in the last two days alone. So not only do we have the medium-term trend heading down but so is the momentum.
The average monthly range for the USD/JPY is 479 pips but this of course is …
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