Trading news

EURJPY – no clear direction

Weekly chart:

In the big picture, this currency pair is in a trendless phase. The previous downtrend was broken, but a new uptrend has not yet been able to develop. This means that there is no trading chance available in this trend size.

Chart1

Daily chart:

Here, a valid downtrend is already in place. The low is currently at 131.517 JPY; the correction zone goes from 132.233 JPY to 137.446 JPY. Here, two trading chances become available: on the one hand, to speculate on a direct continuation of the downward movement or on the other hand, to wait for a return in order to then place your bet on a continuation of the trend from out of the correction zone. I would wait for the latter.

Chart2

Hourly chart:

Unfortunately, there is also no trading chance here either, since we have no valid trend (just like in the weekly chart). With this currency pair, I would favor the sidelines for now.

Chart3

I hope you will remain favorably disposed towards me and always remember: the journey is the reward!

All the best

Markus Gabel

Head of Sales/Trading

AgenaTrader/TradeEscort

AgenaTrader Trading Software

IMPORTANT NOTE: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Thursday, 12 Nov, 2015 / 12:30

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