{"id":117108,"date":"2017-11-27T11:28:54","date_gmt":"2017-11-27T16:28:54","guid":{"rendered":"http:\/\/countingpips.com\/?p=117108"},"modified":"2018-06-01T15:49:05","modified_gmt":"2018-06-01T15:49:05","slug":"mid-term-trading-idea-fx-gbp-jpy-bull-speculation-continued-from-the-14th-of-august","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/mid-term-trading-idea-fx-gbp-jpy-bull-speculation-continued-from-the-14th-of-august\/","title":{"rendered":"Mid-term trading idea FX EUR\/JPY \u2013 bull speculation: continued from the 6th of November"},"content":{"rendered":"
November 27, 2017<\/div>
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By Gabriel Ojimadu, Alpari<\/strong><\/p>\n

Trading opportunities on the currency pair:\u00a0<\/em><\/strong>The mid-term target is still 141.06. The intermediate targets are 136 and 139. After a rebound from the 131.40 \u2013 131.80 support zone, the euro is expected to rise against the yen to 134.50. This will not happen if the weekly candlestick closes below 129.50.<\/em><\/p>\n

Background<\/em><\/strong><\/p>\n

The previous idea on this currency pair was published on the 6th<\/sup>\u00a0of November after Shinzo Abe\u2019s convincing election victory in Japan. At press time, the price was trading around 132.61. The pair has been caught in a sideways trend for the last few weeks. Given that the central bank left their monetary policy unchanged at the last meeting, my mid-term forecast shows a breakout of the resistance at 134.50, followed by further growth to 141.06 (high from June 2015) in the 1-1 channel. The intermediate targets are 136 and 139.<\/p>\n

Current situation<\/em><\/strong><\/p>\n

On Monday the 20th<\/sup>\u00a0of November, the euro dropped to 131.17. The euro lost ground against the yen after coalition talks in Germany collapsed. By Wednesday, market participants had stopped worrying about the future of the German government as they shifted their focus to US and German data.<\/p>

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You can find the weekly chart with a forecast in the previous\u00a0review<\/a>. In this review, I want to look at the EURJPY pair on the 4-hour timeframe. The euro rose significantly against all the majors on Friday, rising 0.8% against the yen to reach 133.24. This growth was catalysed by the US dollar\u2019s decline, weak US data, reduced trading activity due to the US national holiday, and a decline in US bond yields.<\/p>\n

The 131.40 \u2013 131.80 range acted as a support. The euro rebounded from this zone and is currently trading around the 133.03 resistance. The coalition talks in Germany are now of secondary importance as in such a thin market, traders have worked up an appetite for more risky assets.<\/p>\n

The trend line runs through 134.50 and 133.89 levels. Buyers are currently 50 pips away from it. If we don\u2019t see any renewed pressure on the euro on Monday and buyers break through the trend line, quotes will rise further to 134.50. The immediate target on the weekly timeframe is 136.00.<\/p>\n

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Fig 1. EURJPY 4-hour timeframe. Source: TradingView<\/p>\n

Source: “Mid-term trading idea FX EUR\/JPY \u2013 bull speculation: continued from the 6th of November<\/a>“<\/div>\n
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By Gabriel Ojimadu, Alpari Trading opportunities on the currency pair:\u00a0The mid-term target is still 141.06. The intermediate targets are 136 and 139. After a rebound from the 131.40 \u2013 131.80 support zone, the euro is expected to rise against the yen to 134.50. This will not happen if the weekly candlestick closes below 129.50. Background […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-117108","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=117108"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117108\/revisions"}],"predecessor-version":[{"id":117110,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117108\/revisions\/117110"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=117108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=117108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=117108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}