EURJPY is likely to be mostly trendless.  Yesterday I had predicted that the Yen would weaken against the Euro as a result of news early in yesterday’s trading day.  However, with the IP data released and numbers worse than expected, there is little to provide any sort of trend to this cross.

Profit opportunities do exist however if you are willing to place a fair number of trades with very small (5 to 10 pips) profit targets.

Scalping will likely be the word of the day for this cross.

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In This Post Here I said that shortly after the Asian session opened I predicted that the Yen would weaken against Euro.

One thing to keep in mind is that 3 times in the last two days we have seen this pair not really break through the 100 hour moving average.  Yesterday, at the beginning of the Asian session it fell through, and now we have seen the 100 hour MA set up as a resistance line.

If I am correct about the direction of this cross for the Asian session, watch for this resistance to either be confirmed or broken.  If you enter a long trade on this cross prior to the 100 hour MA being breached, you may want a fairly tight trailing stop to protect profits.

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EURJPY is in a sideways consolidation after a day filled with plenty of movement.

The opening for the day was at 133.55 and fell to 130.94 in less than 7 hours, then bounced back to 133.15 in roughly 5 hours.

The bounce this afternoon was thanks to some good financial news out of Germany, the financial powerhouse of the eurozone.

EURJPY has quieted down now that the US session is winding to a close and is now trading sideways. Expect to see this sideways movement continue until only shortly into the Asian session where you can expect to see the Yen weaken against Euro.

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We are looking for EURJPY to reverse the downtrend over the short term.

With multiple technical indicators showing an oversold status, combined with the flight from the Euro and into the Dollar, this should result in some retracement of the massive 700 point fall EURJPY has had over the last few trading days.

In fact, the bounce in direction has already begun, but look for the bounce to increase in speed going in to the opening of the Asian session in a few hours.

EURJPY is consolidating after a fantastically profitable trading day (assuming you are a customer of our signals service anyway).  Our signal on this currency hit its 200 pip profit target after only 10 hours.

Going forward, this currency pair is likely to drive A LOT of profits over the coming week.  Look for new trading signals on this pair in about 6 to 8 more hours.

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