EUR/JPY Forecast - 11 September 2015
SEPTEMBER 11, 2015
EUR/JPY Forecast
Technical Analysis
EUR/JPY Technical Analysis
The currency pair EUR/JPY is on bullish trend after a long-term bearish
movement from November of 2014. It finds support at 135.58 (50% Fibonacci
retracement) and at 135.18 which is the 38.2% Fibonacci retracement in weekly
chart. Given below is the price chart for the same.
A triangle has been
shaped in the weekly chart. We are waiting for the breakout which would surely
define the trend.
In the weekly chart
we can have an ascending channel.
Possible head and
shoulders pattern takes place in weekly chart
The nearest key support
levels are 135.58 and 135.18
The previous high
is at 139.00. A break of this level would lead to a strong bullish movement. Higher
exists the level of 141.00 as strong resistance. It is the important 61.8%
Fibonacci level.
Key Analysis:
If the currency
pair EUR/JPY will break support level 135.18 on
close Price chart bar so we might see bearish trend coming.
The currency pair EUR/JPY price may break 50% Fibonacci level
(137.92) resistance level, which is at the same level of the triangle trend
line resistance so we might see a previous high retest.
Recommendation:
§ Recommendation for long: watch price chart to break 137.92
for possible buy trade with re-enter at 141.00
§ Recommendation
to go short: watch currency pair price to break 135.58, 135.18, 132.32 or 131.66
support levels for possible sell trade.
Analyst View:
Bullish
Resistance and Support Level
§ Resistance Level: 137.92, 141.00
§ Support
Level: 132.32, 132.32, 135.58, 135.18
Research Team:
1.
Associate Analyst:
Mr. Konstantinos Nikolakakis – (+30) 6989624628
About Konstantinos Nikolakakis:
Konstantinos Nikolakakis is associate
analyst at Seven Star FX Ltd and has a working experience of 5 years in
analysing and commentating on foreign exchange and global markets. Konstantinos provides research and strategy on FX majors, minors
and precious metals for Seven Star FX Ltd clients. Prior to joining Seven Star
FX Ltd in 2015 Konstantinos has spent
five years in analysis and trading in Greece. He holds a Bachelors in economic
science from the University of Crete, Greece and holds MBA specializing in financial
markets and economics from University of Nicosia, Cyprus.
Disclaimer:
This document
has been prepared by Seven Star FX Ltd and is meant for sole use by the
recipient and not for circulation. This document is not to be reported or copied
or made available to others. The information contained herein is from sources
believed reliable. We do not represent that it is accurate or complete and it
should not be relied upon as such. We may have from time to time positions or
options on, and buy and sell securities referred to herein. We may from time to
time solicit from, or perform investment banking, or other services for, any
company mentioned in this document. This report is intended for non-
Institutional Clients only
 |
This report
has been prepared by the Retail Research team of Seven Star FX Ltd. The views,
opinions, estimates, ratings, target price, entry prices and/or other
parameters mentioned in this document may or may not match or may be contrary
with those of the other Research teams (Institutional, PCG) of Seven Star FX Ltd
0 comments: