EUR/JPY’s Triangle Breakout

CAD/JPY’s Retracement Play:

It's all about the yen crosses on Today's canvas, as i bring to you hot fprex trade opportunities on CAD/JPY and EUR/JPY  check's em out, homies!

what makes the current levels more interesting is that it's right around the channel support that it broke in mid-January.

I mean, look at that area of interest working like a champ on the bulls and bears
stochastic is currently in overbought territory, so y'all can bet the bears are watching this one closely.

will we see a break-and-retest situation that would drag the pair the new 2018 lows? Or will the bulls jump in and continue the uptrend that CAD/JPY took a break from?

Breakout alert! EUR/JPY just broke above an ascending triangle that has ben solid since early December.

As the School of  Pipsology tells us, breakout like these can be as strong as the height of the base of the triangle. we 're talking 450 pips in this case, you
before you buy the Euro like there's no tomorrow, you should note that the pair has come a long way since it started popping up in January 29. This means the pair is due for a retracement.  

you could enter at current levels if you're confident that the euro will continue to fly over the next couple of days. but if you think that the overbought stochastic signal would attract some bears and force a break-and-retest scenario, then you might want to wait for either a pullback or more bullish momentum before placing your orders.

EUR/JPY has been consolidating this week like many other euro-crosses. The 1H chart shows that the consolidation has been in an ascending triangle where the resistance has been similar, and the support has been rising. over the Thursday European session, there was inflation data that came out as expected.

Employment for Q2 was also seen to have risen 0.3% in the EURO Area Risk appetite has been back in the markets especially as Markel and Sarkozy pledge to keep Greece in the USD and JPY might gain. For now, this fear is set aside, and the EUR/JPY is breaking above the ascending triangle seen in the 1H chart.

with this breakout, the projection using the width of the triangle at its widest, and projecting in the direction of the breakout, we have a  projection to 107.00. A slightly more conservative outlook sees resistance lower, at about 106.80 where the 200SMA resides. Also 106.90 is 50% retracement.

 The downside in the short-term is predicates on a weak pullback attempt that preferable fails to break back below 105.50 But ff the market is pushed below 105, the 100.00 level could be in sight in a more bearish continuation scenario. This requires also a break back below the current low at 103.88.


"the  spot could test 110.00 levels ahead of the NEP, however, the 50-MA is still sloping downwards, so a sustained move higher looks likely only on the back of strong US wage growth number. " the pair could test weekly 5-MA hurdle the other hand, a weaker-than-expexted print could yeild a drop to sub-109.00 levels. However, bear revival is seen only below 108.28"