Intraday Market Analysis: Exploring Euro Yen 60min Chart

[indeed-social-media sm_list=’fb,tw,li,goo,xg’ sm_template=’ism_template_3′ sm_list_align=’horizontal’ sm_display_counts=’false’ sm_display_full_name=’true’ sm_disable_mobile=1 ]

EURJPY Intraday Strategy

We will begin by highlighting that we are using the 60min chart as we derived the technical entry from the 4hr chart. EURJPY is attempting to recover following the Mario Draghi threats of a lower deposit rate in the last European Central Bank (ECB) monetary policy meeting.

EURJPY 60min Chart

Please click on the chart to enlarge:

The broader picture is a potential for reversed Head-And-Shoulders (H&S) on the 4hr chart. The nearest support (in black) is limited to the hourly chart but we chose to highlight it in a scenario where it is re-tested by the market, which would affirm it indeed acts as a strong support.  The prior re-test is insufficient in our view. If a re-test is noted corrective gains may be seen towards the upper resistance (4hr neckline) where a break above paves the way for further gains.

If the hourly support (in black) gives way, the stronger support levels are noted in purple and pink. All that is required is a successful re-test to ensure the support levels (either one) is able to contain the weakness. Upon such a re-test the neckline becomes the immediate target where a break above affirms EURJPY uptrend in the Forex market.

In a scenario where neither support levels are tested breakout strategies may be exercised upon a firm break above the neckline.

The target of a break above neckline (upper black line) is 134.20 as displayed in the chart.

02/11/15 UPDATE: EURJPY has successfully tested the hourly support and posted the anticipated gains.

Please click on the chart to enlarge:

Please note the hourly resistance presented in the strategy is being tested at the time of this writing

03/11/15 UPDATE: EURJPY traded between the support and resistance levels until the support gave way.

Please click on the chart to enlarge:

The intraday strategy provided a limited dip-buying entry off the hourly support after it was successfully re-tested by the market. As new support levels have emerged the intraday levels we provided are no longer relevant. The strategy may now be accessed by all traders.

[intense_hr shadow=”9″ accent_width=”30″ accent_height=”3″] [intense_alert font_color=”#f7f4f4″ border_radius=”5px” shadow=”1″]As EURJPY intraday strategy has exhausted itself this page can now be accessed by all traders. Relevant intraday strategies are restricted to members only. We have been providing trade alerts in the Forex market since May 2014.[/intense_alert] [intense_spacer type=”inline”] [intense_button color=”Jade” hover_brightness=”-31″ size=”small” link=”https://www.ddmarkets.com/selected-trade-alerts-packages/” title=”Membership Plans” rel=”nofollow” block=”1″ border_radius=”3px”] MEMBERSHIP PLANS[/intense_button] [intense_button color=”Jade” hover_brightness=”-31″ size=”small” link=”https://www.ddmarkets.com/category/intradaytrading/” title=”Intraday Strategies” rel=”nofollow” block=”1″ border_radius=”3px”] INTRADAY STRATEGIES[/intense_button] [intense_button color=”Jade” hover_brightness=”-31″ size=”small” link=”https://www.ddmarkets.com/trading-with-forex-trade-alerts-our-trading-solution/” title=”Our Trade Alerts” rel=”nofollow” block=”1″ border_radius=”3px”] OUR TRADE ALERTS[/intense_button] [intense_hr shadow=”9″ accent_width=”30″ accent_height=”3″]

[intense_hr shadow=”9″ accent_width=”30″ accent]

Last Updated on November 4, 2015