FOREX Trading: EURJPY Nears Short Term Target

RELATED QUOTES

SymbolPriceChange
EURJPY=X113.7940+0.833

Combine the EURUSD and USDJPY pictures, and you get quite the bearish EURJPY painting. Shorts over the last few days are in good shape but expect a market response at/near 10157. This level is defined by the 100% extension of the 10459-10217 decline and intersects channel support today. Additional levels of interest are the 38.2% retracement of the rally from 9411, at 10060 and the 161.8% extension of the mentioned bear leg at 10008. 10240 and 10280 are estimated resistance levels.

AUDUSD and NZDUSD-a first attempt to short NZDUSD was stopped at breakeven last night but both commodity crosses are showing signs of exhaustion (intraday JS Spikes) at important levels (10494 is the 100% extension of the rally from 10148 in AUDUSD and 8299 is the 9/28 JS Spike close in NZDUSD). My interest is piqued and I’ll be monitoring both pairs closely.

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Jamie is the author of Sentiment in the Forex Market.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3606+0.0017+0.12%
    USDSGD=X
    1.5275+0.0036+0.24%
    EURSGD=X
    1.7726+0.0043+0.24%
    GBPSGD=X
    74.4820+0.37+0.50%
    SGDJPY=X
    5.6973-0.0068-0.12%
    SGDHKD=X
    3.0215-0.0101-0.33%
    SGDMYR=X
    9,507.9463-53.6562-0.56%
    SGDIDR=X
    4.9025-0.0077-0.16%
    SGDCNY=X
    1.0481+0.0035+0.34%
    AUDSGD=X
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    SIZ16.CMX
    95.67+2.69+2.89%
    ^XAU
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