• Duncan Cooper , Senior Market Strategist & Trading Mentor at Duncan Cooper is a full-time trader and mentor and the Senior Market Strategist at ACY Securities. Trading full-time since 2009, Duncan's insights are from the battleground of real-time markets, not theory, and he thrives on educating traders to reach the


• 08.02.2022 08:45 am
#stocks

Overview:

Watch the video for a summary of this week’s news releases and a complete top down analysis of the EURJPY.

EURJPY Monthly:

Monthly support at 127.37, resistance at 133.12.

Price is rallying back up from the 127.37 monthly support level and is range bound.

EURJPY Weekly:

Weekly support at 128.24 and 127.92, resistance at 131.59 and 133.47.

Weekly chart is in an uptrend showing a higher top and bottom. Will price hold above the 131.59 weekly resistance level or decline back down within the monthly range?

EURJPY Daily:

Daily support at 130.15, resistance at 132.55.

Daily chart is in an uptrend. Price has rallied back to 132.16 the 79% fib retracement level of the monthly range. Is this where the trend changes and price reverses back down the range?

Looking for price to now fail at the 132.00 level and move back below the 131.59 weekly resistance level.

Target for the move down would be 128.24 to 127.37 weekly/monthly support area.

Watch the video for a full break down of my analysis on how you could trade this pair to the downside based on the 4 hour chart.

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