EURJPY was our main play for today. Primarily because it provided opportunities for greater profits today. The unfortunate thing was that EURJPY cross had only one direction today and that was down. We traded it down with great gains.
Chart of the Day
However, from the EURJPY chart, the position is still a weakened one.
There are still two more waves left on the Elliot waves (4 and 5) which we anticipate at pivot level of 112.86 at the moment. At worse, we could see an EURJPY retracement back to the 110.48 seen two weeks ago.
Details
| Prev close | 116.04 | 52 week high | 139.21 | ||
| Last trade | 116.6 | 52 week low | 110.48 | ||
| High | 118.72 | Low | 115.92 |
Sirius Forex Long-Term Targets
| Q1 2010 | 121.39 | Q3 2010 | 115.30 | |||
| Q2 2010 | 130.31 | Q4 2010 | 105.26 |
On the contrary, GBPJPY will be the currency pair in play for Monday for us. In the UK, we are expecting the release of Rightmove Housing data at 00:30 GMT. Most GBP pair and crosses are still within the Bollinger band sell zone right now. It was unable to benefit from an otherwise broad selloff in the dollar.
However, on this day EURJPY remain the currency in play.
Related Blogs
- EUR/JPY: Technical Analysis 14/05/10 | Everyforexbook
- EUR/JPY sell-off picking up steam | ForexLive
- EUR/JPY: approaching major breakdown level | ForexLive
- EUR/JPY Today Forecast | Eziforex.com
- Forex Trading | Fibonacci Forex Trading
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