Monday, February 16, 2015

New Signal EUR/JPY

*Signal Update as of 02/17/2015 @ 7:54 EST:  The EUR/JPY has traded through our potential stop order, we have turned neutral on this pair and will seek further evaluation.

As of 02/16/2015 @ 21:20 EST:

We have identified a possible short trade in EUR/JPY.  This pair has been in a downtrend since December of 2014 but has recently had a nice bounce which was basically capped by the 23.6% Fibonacci level.  It made a run to the 38.2% Fibonacci level only to fail after a day or two.  The EUR/JPY is showing signs of rolling over, it seems the 23.6% Fibonacci level is just too strong.

We will be shorting EUR/JPY with a break of 133.520, forecasts will be 132.650, then the figure of 132.000 and eventually 131.000 and possible the near-term low of 130.140.  Our stop will be with a break of 135.600, if this pair trades through this level prior to initiating a position our view will turn neutral and further evaluation will be needed.

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