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| EURJPY CROSS DAILY CHART |
UPDATE : As of Feb 09- Expect increase volatility, follow-through price action and pullbacks in the next 2 trading days especially the trading sessions in European market towards the US American trading sessions on Friday for both majors & cross rates respectively!
The EURJPY candle configuration is quite interesting then prior to today's upward direction as fueled by the surge on the EURUSD, due to reports that there may already be a more likely deal addressing the Greek debt crisis. The technical perspective signaling a positive tone was the recovery on the EURUSD and simultaneously a move higher with the USDJPY.
The EURJPY candle configuration is quite interesting then prior to today's upward direction as fueled by the surge on the EURUSD, due to reports that there may already be a more likely deal addressing the Greek debt crisis. The technical perspective signaling a positive tone was the recovery on the EURUSD and simultaneously a move higher with the USDJPY.
A move for the USDJPY higher is a lost in Yen value. The break from a triangle formation came at 100.60/85 that followed through at current price of 101.99 from a rising equidistant channel application. Closing prices above these levels would still provide a positive tone thereafter with a further corrective daily moves on both directions giving a false reversal scenario.
A pause and consolidation after a dramatic move is likewise considered which would cause some traders to reluctantly create trade positions. A word of caution, never try to catch a rapid market movement as pullbacks would cause to trigger stop loss due to wide price fluctuation.
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