{"id":62087,"date":"2014-10-17T07:32:00","date_gmt":"2014-10-17T11:32:00","guid":{"rendered":"http:\/\/countingpips.com\/?p=62087"},"modified":"2014-10-17T07:39:27","modified_gmt":"2014-10-17T11:39:27","slug":"eurjpy-rebounds-price-eyes-138","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/eurjpy-rebounds-price-eyes-138\/","title":{"rendered":"EUR\/JPY Rebounds; Price Eyes 138"},"content":{"rendered":"<div id=\"inves-2230689143\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 17, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #339966;\"><strong>Bullish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>EUR\/JPY bounced off 134 as Yen long positions unwind across the board;<\/li>\n<li>Large bullish Pin bar indicates additional upside;<\/li>\n<li>Above 136.65, traders will eye 138.00 as the main target.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>EUR\/JPY is in the process of correcting from a 700 pips bearish swing, targeting major resistance levels as traders need to price a Lower High within the main downtrend.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p style=\"text-align: justify;\">Thursday was an action packed day, with many JPY crosses experiencing wild rallies. EUR\/JPY dropped a massive 200 pips during the 16<sup>th<\/sup>\/10 European session, only to retrace those losses and then some during U.S. trading hours. This aggressive \u201cV\u201d shaped recovery ultimately formed a large bullish Pin bar on the Daily timeframe, dissipating selling pressure to such an extent that a larger correction should ensue.<\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/EURJPY17thOctober.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7173\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/EURJPY17thOctober.png\" alt=\"EURJPY17thOctober\" width=\"700\" height=\"354\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Spot is currently trading around 136.50 EUR\/JPY. This rally has already invalidated the Lower High swing structure coupled with a resistance trendline covering the entire bearish move from mid-September. On 4H timeframe, a bullish engulfing bar bounced off EUR\/JPY\u2019s support, once again located at 135.60\/70, as buyers dominate for now.<\/p><div id=\"inves-1698862987\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">138 should be the main target for next week. A large resistance cluster is located here, making this an excellent area for a potential Lower High. Between 137.50 and 138.00 we can observe a confirmed price pivot zone, 50-Day and 100-Day Simple Moving Averages, 50% Fibonacci retracement and 200 SMA on 4H. Although a rally above 138.00 is highly unlikely at this point, we cannot exclude a 200-Day Moving Average re-test at 139.15.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bullish Key Takeaways EUR\/JPY bounced off 134 as Yen long positions unwind across the board; Large bullish Pin bar indicates additional upside; Above 136.65, traders will eye 138.00 as the main target. EUR\/JPY is in the process of correcting from a 700 pips bearish swing, targeting major resistance levels as traders need to [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-62087","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62087","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=62087"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62087\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=62087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=62087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=62087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}