Hi guys,

The pair is facing minor bullish trendline and strong support around 121,50 - 121,80 zone. No doubt the pair is strongly bearish but i’m looking for a bounce from this critical support area.

If we break to the downside next support levels lay at 121,30 (61,8% Fib) and 121,00.

Resistance lay at 122,00, 122,50 (38,2% Fib) and 123,00 (61,8% Fib)

Good luck!

EUR/JPY 4 hour:

César B.Leiceaga

The ascending wedge formed throughout 2010 broke to the downside, triggering a sell off to 121,50/70 support. The area between 121,00 figure and 121,70 remains crucial to determine long term direction. The strong bearish outlook on the euro points to 120,00 psychological zone.  I’ll keep you guys updated…

EUR/JPY 4 hour chart:

César B.Leiceaga

The pair is testing the bullish trendline from 88,60s low, I’m expecting some kind of bounce back up to approximately 91,20s region (February 3rds high). It could be a buy for todays US session….

USD/JPY  4 hour chart:

César B.Leiceaga

Following up with yesterdays post, the break of 123,70 minor trendline could possibly indicate a setback to 122,70/80 intraday and trendline support for the next sessions. I’ll keep you updated!

EUR/JPY in 1 hour,

César B.Leiceaga

The eur/jpy is under pressure again, the 1 hour chart shows a rising wedge formation that normally ends up breaking to the downside. I’d expect a fall to retest this trendline that coincides with intraday support at 123,60 before breaking lower. The pair should find resistance at 124,40.

EUR/JPY in 1 hour:

César B.Leiceaga

After peaking at 124,30 area the pair has retraced to test trendline support round about 122,70 - 123,00 area (also 38,2 Fib support)

If the euro can hold above 122,70 we could assist to a rebound for a retest of yesterdays highs. Stay tuned!

EUR/JPY in 1 hour:

César B.Leiceaga

Risk aversion made euro and pound vulnerable against the yen. A massive drop was made in gbp/jpy reaching below 140,00 psychological level.

The crucial support at 139,30 - 140,00 will determine long term direction. Indicators signal a short term bounce. To the upside look at 141,50 (Asian session highs) and 142,00 resistance levels, while the downside stays bid above 140,00 for todays session.

GBP/JPY Daily Chart:

César B.Leiceaga

http://blogs.fxstreet.com/techtrading/2010/02/02/eurjpy-trapped-in-a-tight-range/

Tricky pair to trade lately, the range mentioned on an earlier post broke above 126,80 intraday resistance, tapped 127,00 psychological level and during the asian session plunged below range support at 125,80. Now the 125,40/50 support is perfectly holding, still the pattern resolution favours the downside for a retest of 125,00 figure and 124,40 January lows. We’ll have to wait for ECBs interest rate announcement to see how the market reacts.

EUR/JPY in 1 hour:

César B.Leiceaga

The pair is trading in a tight 100 pip range between 125,80 (1 Hour Moving Averages and 38,2% Fib) and 126,80.  The hourly is still bullish if prices hold above 126,00 zone but larger timeframes point south. The range developed needs resolution. Watch out for the break of both levels.

EUR/JPY in 1 hour:

César B.Leiceaga

I’ve triggered my sell order at 126,50 and moved my stop from 127,20 to breakeven, assuring a risk free trade.

I’m closing half of my position at 125,50 - 125,20 area (this months lows). Lets see how it plays out…

EUR/JPY 1 hour chart:

César B.Leiceaga