04-Hour Chart
(CLICK ON THE CHART TO ENLARGE IT)I´ll try something new today. Will post my analysis solely based on the 04-hour chart...
The 1st attached chart is a big picture of this major symmetrical triangle (see thicker yellow lines). You´ll see that the lower base of this triangle is also the bottom of a bullish channel. Keep that in mind...
Last Friday´s close at 163.40 is exactly 23,60% of main up move 149.23 to 167.78. So an important support. And only 17 pips below it at 163.23 is the 50.00% from down move 167.64 to 158.80.
Only a 17-pip difference on the EUR/JPY isn´t a big deal...so we can say that 163.30 price zone is a very important support level.
EUR/JPY is short at least until base of symmetrical triangle that would be around 162.70. So my points are:
SELL break 163.40 right at opening this Monday Dec. 17th Asian time if there´s no gap with tight STOP at 163.55. Move your stop for a free trade and WATCH OUT for major suport at price zone 163.20/10. If this price zone gets broken go for LIMIT at base of symmetrical triangle at 162.70
