EurJpy - weekly channel resistance

Good luck remo. I'm not so sure about this pair. Here's why:



dl.dropbox.com/u/20815047/EURJPYdaily05_11_12.gif

It looks to me like it's completed 5 waves up on a bearish RSI divergence which was tested and held during the subsequent lower high. Also, if that RSI breaks down before the price then that suggests weakness. I could be wrong of course, but I think I'll wait to see if it comes back to the 61.8% Fib of the whole move up as there's also strong support from the 97.8 area.

All IMHO etc.

Im going long at 101.96 with a 30 point stop

The main up trend line is at 101.94 and the 200sma is at 102.09 so thats 2 levels of support close together.





This is a first attempt basis trade
DYOR
remo

It has certainly found reverse now.

Broad-rock, they look OK to me. We've got 3 levels of resistance: 61.8% Fib retrace of last drop, main downtrend resistance and resistance from previous support at the hammer on the 16th April low. If it closes here for the week then there will be a shooting star on the weekly chart too.

I'm just a little surprised it hasn't reversed quicker but that may be due to it being short of resistance against the USD. Perhaps a bit like FTSE trendlines and S&Rs being a bit vague until the Dow makes them more decisive?

Jackozy wrote: Looks OK on the daily chart too, GC: dl.dropbox.com/u/20815047/EURJPYdaily25_10_12.gif

Stop would probably have to be outside 104.595 recent high. Will be interesting to see how it goes as it doesn't seem to have sharply reversed from that level.

Yea, I would like to see another test and fail on that RSI trendline without the price breaking the trend by a chunk.

Im sideline at the moment anyway and not trading so these are just for fun and keep the brain sharp.

I done these yesterday, similar, but would like your take on the fib levels please Jackozy.

Weekly
dl.dropbox.com/u/43650856/EUR%20JPY%20weekly%2024th%20Oct.htm

Daily
dl.dropbox.com/u/43650856/Eur%20Jpy%20Da...20-%2024th%20Oct.htm