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Timeframe Breakdowns
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EURJPY
Thu, Nov 5 2009, 11:26 GMT
by Ian Coleman
EURJPYWe are stuck within a triangle formation on the Daily EURJPY. The base is at 131.50, the high at 137.90. We are above the main Moving Average and have spiked lower three times in the last three days, so that bias is slightly bullish. We are however coming off the top of the RSI and the daily MACD has crossed to sell (even though it is still in the buy zone). Overall, a real mixed picture.
1HR: Looks like an ABC correction to me. We had the MACD crossing over to sell at midnight (X). Going into the 10mins chart we can see the move down in 5 mini waves. This pullback should only reach around 134.85 before the next move lower. Only a move above 135.74 would make me bullish. First target 132.00, then look for the trend line at 131.40-50 to act as support.
ian@turtlefutures.com
Published on Thu, Nov 5 2009, 11:28 GMT
Archive
- GBPUSD / AUDUSD / EURGBP / EURUSD
Published On Fri, Nov 20 2009, 09:56 GMT - GBPUSD / EURUSD / EURGBP / AUDUSD
Published On Thu, Nov 19 2009, 09:18 GMT - GBPUSD / EURUSD / USDCHF / AUDUSD / USDJPY
Published On Wed, Nov 18 2009, 12:49 GMT - EURUSD / USDCAD / GBPUSD
Published On Tue, Nov 17 2009, 09:48 GMT - EURUSD / USDCAD / EURJPY / AUDUSD
Published On Mon, Nov 16 2009, 08:26 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
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