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EUR/JPY Bounces from 76,40% Fib

Posted on November 2, 2009 at 3:57 in Intraday Techs by César B. Leiceaga

The range trading zone is still an option to play if the pair hits 130,00 this week. Bullish divergence on the 4 hour chart could signal a further euro recovery but risk/ reward ratio doesn’t fulfill my trading rules.

Bearish trendline formed offers short term resistance at 134,00 - 134,50 and previous low made during asian session opening at 131,00 is the next relevant support zone.

EUR/JPY 4 hour chart:

César B.Leiceaga

Tags: eurjpy, eurjpy 2 november 2009, eurjpy technical analysis, euro, yen

4 Responses to “EUR/JPY Bounces from 76,40% Fib”

  1. on 02 Nov 2009 at 5:22 am1A-SOLTANI

    DEAR CESAR

    I agreed your view.
    Reversal of eur make revised MT pattern triangle from A=139.20 @09/06/05 and now EJ is in final legdown (E) toward support TL. main target is 100% proj.(138.50-132.80)from 136 @130.17. (criticaL S=128.86=38% 112-139.20).

    A short entring at 133.80 area advise.

    REGARDS

  2. on 02 Nov 2009 at 5:44 am2carlab

    Cesar:
    Think you are right, we hit a temporary bottom. Mkt will try to reach the 50 m.a around 134.80 and fail, for lows seen o/n later in the week.

  3. on 02 Nov 2009 at 7:23 am3César B. Leiceaga

    Dear A-SOLTANI:
    I like your short entry, I’ll probably try it…

    Regards.

  4. on 02 Nov 2009 at 7:27 am4César B. Leiceaga

    Dear Carlos,

    I think exactly the same, the bounce is to end around that area.

    Regards.

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