The Euro against the Yen rallied from 114.84 to a high of
125.80, thereafter went into a corrective range 125.80 – 122.50. The correction
finds support at 75% Fibonacci retracement level of 123.06 while the MACD
currently trades in the negative direction.
Yesterday’s trading session ended as a bullish hammer at the
support a signal of impulse wave resumption.
In the coming session, the currency pair is expected rally
at the end of the day.
Strategy:
Long at the current market price with stoploss placed 122.35
with target armed at 126.50. A bullish confirmation is needed when price closed
above 122.05.
On the other hand, a daily close below 122.50 would triggered
more sell to 120.35 while stop placed at 124.25
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