There goes the first of the resistance levels, with EUR/JPY Fibo resistance at 130.45 getting taken out. Next resistance at 131.30 (see chart).
Overshoot clearly as that chart snapshots the high!!
Nice call from FXWW888!!
EURJPY trading at its 61.8 fib here 130.42
The global macro trend for EURJPY is to upward direction. I am optimistic for the pair to break the level of 133.00.
I am still holding my long position at 129.90 with stop loss 125.00. Currently the pair is at 131.00 for (131.00 – 129.90) 110 PIPs floating profit. The position was under pressure before for over 500 PIPs floating lost, however, the quarterly lowest band was strongly defended and the lowest pressure was 124.70 (at that time the stop loss was deleted and re-entered after the pair resumed to upward).
Quarterly band’s correlation strongly to indicate for the EURJPY to upward direction although remains possible to be under pressure. This is also indicated by the time required by the lowest quarterly band may take to over 30 days to align to 125.00 from the current level of the band.
Therefore, the long position could be closed for profit and re-entered during the time the lowest quarterly band not yet aligned to 125.00 to re-target the 165.00 (multiple entries and exits).
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