|EUR/JPY : Into a rising wedge after the exit of its bearish channel|
The pair EUR/JPY has validated in the middle of August the breakout of 98 points, offering a new buy signal and is now still moving above this level. The price is moving into a rising wedge (brown lines).
We advise to traders to trade long positions as far as 97.50 is support. The breakouts of 98.50 and 99 will both give a new buy signal.
In case of return below 97.50, we advise to wait the breakout of 97 to trade short positions. The pair should then validated the exif of its wedge and make a return on the upper band of its last bearish channel.
Analysis published by Vincent, the 08/20/2012 at 09h30 GMT+2
Updated the 08/22 - The pair EUR/JPY has started yesterday a bullish rally but the price just stop on the resistance at 99. The upper band of the rising wedge is now giving support.
We maintain to trade only long positions as far as 98 is support. The breakouts of 99 and 99.50 will both give a new buy signal and will open the way towards the major resistance at 100.
In case of return below 98, we will then advise to trade short positions.
|Complete sheet of the pair EUR/JPY - Previous EUR/JPY Analysis|
|Chart of the pair EUR/JPY - Timeframe 1H|
|Chart of the pair EUR/JPY - Timeframe 4H|
|EUR/JPY Live Chart - Timeframe : 4h|