A few thoughts for your review…

The EURJPY has formed a daily triangle within a daily fib.  Technically this trend is still bullish, as higher highs and higher lows are in play. Price is now testing previous daily highs at the light green zone below. In the next few days this triangle should break and give a clear trading bias.

 

EURJPYDaily

Regards,

Tyler Lund

US Dollar Analyst, FOREX.TODAY

4 thoughts on “EURJPY DAILY FIB & TRIANGLE”

  1. Ryan Gandalf van Jaarsveld says:

    Thank you Tyler. I also notice that we have been sitting on the WPP and MPP the whole week and despite the strength and weakness we have seen with all the central bank meetings we keep coming back to this price. At the time of writing this DPP is holding as resistance with us being above the 21 and below the 55 on daily. The 21 is above the 55 on H4 – perhaps that means our next move is up? What’s interesting is I usually observe quite a correlation with this pair and EURUSD. I suppose, besides the move on ECB and FED days, EURUSD is also moving sideways. Though both daily and H4 stoch show overbought. With resistance, WM4, just above price perhaps next week will see EURUSD move down some though maybe only to retrace and continue in an up trend? We are looking for strong Euro weak JPY and USD for this to make any real sense. I guess a weak EUR and a weak USD/ JPY would just result in a neutral pair. Then again – is dollar weak or just overbought. Perhaps when the market feels the pricing in of four rate hikes has been reduced to a pricing in of two we will see continued dollar strength. Maybe Euro is reacting the same way JPY is against USD – weak USD though weaker EUR and JPY. Solid fundamental data out of US will confirm dollar strength and continued recovery. US needs to sort out their hourly earnings and wage growth so that the market starts to believe in two hikes this year. Maybe the Fed should have been honest and said they only see one more hike – though maybe they are nervous about that causing an insane move. I noticed Yellen mentioned several times that every meeting is a live meeting though that April is just around the corner. The real question is – did they say two because they are confident in their fundamentals or did they say two because they are nervous about a crash… I feel positive though and honestly feel it is the former. Anyway – I am very new to trading so please forgive me for any oversights or silly assumptions. Having said that I would rather throw an idea out there and have someone correct me than keep it to myself and never know I was wrong. Thanks for all your hard work on the site! Best Forex site on the internet!

    1. Ryan Gandalf van Jaarsveld says:

      Correction – weak EUR and JPY though weaker USD

  2. Tyler Lund says:

    Thanks Ryan,
    I’m glad the analysis is helpful. If your new to trading, stay humble brother and trade small lots until you develop the right habits and have a track record of success.
    Follow the larger time frame candles to guide your bias.

    Regards,

    Tyler

  3. Tyler Lund says:

    Ryan,
    You had a number of questions in your reply. Let me think them over and I’ll answer back.
    Feel free to shoot additional questions to my email below for further clarification.

    Regards,
    Tyler

    [email protected]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.