Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (118.16). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. EURJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=117.35.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=117.9.
TP4: R2=118.3.
Set the stoploss of these orders at breakout of S2=117.15.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
Technicals: EURJPY in a downtrend since the beginning of 2019
The technicals are generally well defined here, with a large channel inside of which the downtrend has traded for the whole year of 2019.
Switching to the 4-hour chart, we can see more details of the price action. There is a smaller bearish 14-day channel within the larger (more significant)...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.0935.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.098.
TP4: R2=1.1005.
Set the stoploss of these orders at breakout of S2=1.0915.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
Midterm forecast:
While the price is above the support 115.850, beginning of uptrend is expected.
We make sure when the resistance at 120.800 breaks.
If the support at 115.850 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the trough at 117.665 on 2019-08-05 and the...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=119.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=119.6.
TP4: R2=120.
Set the stoploss of these orders at breakout of S2=118.8.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.105.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.1095.
TP4: R2=1.1115.
Set the stoploss of these orders at breakout of S2=1.103.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=118.25.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=119.15.
TP4: R2=119.55.
Set the stoploss of these orders at breakout of S2=118.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=118.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=118.7.
TP4: R2=119.15.
Set the stoploss of these orders at breakout of S2=117.8.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=1.102.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=1.096.
TP4: S2=1.093.
Set the stoploss of these orders at breakout of R2=1.103.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
