04-HOUR CHARTS
30-MINUTE CHARTS
(CLICK ON THE CHART TO ENLARGE IT)First, sorry for all these graphs attached. It´s because they will guide me thru the beginning of this week...
157.70, which is 61.80% on daily, will give the tone. Symmetrical triangle on daily favours the bearish, thus the continuation of the wave 5. BUT WATCH OUT for MACD pointing up as well as RSI that is also above its MA and the 157.60 that is the 6EMA on Daily as well as the 62EMA and parabolic on 4-hour chart. So again: WATCH OUT for a bullish correction to the top of the triangle at the price zone of 159.00 (24EMA), 159.63 (double-top) and 159.90 (50% fibo on daily).
Other factors that favour the bearish is the bearish divergence on MACD on 4-hour chart and on MACD and RSI on 30-minute chart (see yellow lines on indicators for each graph) and the double-top at 159.63.
Lots of entry points to observe here. So it´s hard to say how EUR/JPY will behave during the beginning of this wek. Points are:
SELL break 157.70 with tight stop. Add lots break 157.60 with 1st target 157.15. Add lost at break 157.15 with target 156.80. Add lots break 156.80 and 156.55 with target 156.22. If breaks price zone 155.70/80, let the profits run to 154.60.
BUY failure on all these points with tight stops and target already known: 158.00, 158.20, 158.50, 159.00, 159.35 and 159.70. Depending on the setup, also try to SELL a failure on these points above. Good trade.
Pivot Points: 160.51-R2 159.15-R1 158.25-PP 156.85-S1 155.95-S2
