We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • #ASEAN currencies (such as SGD, IDR, PHP and MYR) are relatively outperforming the #USD at a stronger pace than the Indian #Rupee vs the Greenback. This is despite notable gains in the MSCI #EmergingMarkets Index. Full $USDINR, #Nifty piece to come later today! https://t.co/n0SlkfnYOV
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/9gFVefFC3w
  • ⬇️Asia-Pacific Preview⬇️ - Wall Street buoyancy may spill over into Asia as investors shrug at domestic unrest - AUD and #NZD could rise with APAC stocks despite HK risks - #AUDUSD blew past key resistance and may now challenge multi-week swing-high https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/06/01/AUD-NZD-May-Rise-With-APAC-Stocks-Ahead-of-RBA-Rate-Decision.html
  • 🇰🇷 GDP Growth Rate YoY Final Actual: 1.4% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇰🇷 GDP Growth Rate QoQ Final Actual: -1.3% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇳🇿 Building Permits MoM Actual: -6.5% Previous: -21.7% https://www.dailyfx.com/economic-calendar#2020-06-01
  • Trumps says he will deploy military if cities, states won't act. Says he is dispatching 'thousands' of armed soldiers -BBG
  • Trump says he recommended governors deploy National Guard, told them to deploy guard to 'dominate' streets -BBG
  • US President Donald Trump: His first duty is to defend the country, people. Instances of violence 'acts of domestic terror'. Mobilizing civilian, military resources to stop rioting -BBG
  • 🇳🇿 Building Permits MoM Actual: -6.5% Previous: -21.3% https://www.dailyfx.com/economic-calendar#2020-06-01
EURJPY Correction to Favor Short Scalp Entries Sub-1.48

EURJPY Correction to Favor Short Scalp Entries Sub-1.48

2014-11-26 19:47:00
Michael Boutros, Strategist

Talking Points


EURJPY Correction to Favor Short Scalp Entries Sub-1.48

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Strong reaction at April 2013 median line on Thursday / follow through Friday- bearish near-term
  • 5-wave advance off the lows- looking for correction
  • Key near-term support 145.58/68 backed by objectives at 144.50 & 143.40
  • Resistance at 147.40/44, 148.13 & 149.13- bearish invalidation
  • Momentum signature vulnerable sub-70
  • Pending daily RSI support trigger pending- break would be bearish
  • Event Risk Ahead: German CPI tomorrow, Eurozone Employment & CPI Friday

EUR/JPY 2-hour

EURJPY Correction to Favor Short Scalp Entries Sub-1.48

Notes:The reaction off the median line off the April 2013 lows backed by a break of a multi-week pitchfork off the October lows shifts our attention lower in the EURJPY. The pullback found support at the confluence of the 23.6% retracement off the October lows, the former 2013 high and the former upper median line parallel off the September low. Looking to sell this rebound towards the 1.48 handle with a break below the weekly opening range needed to open up the next swing lower. Note that the broader outlook remains constructive and as such we’ll look to treat this as a correction for now.

Bottom Line: look for an exhaustion high to sell with initial scalps targeting the weekly lows. A break sub-145.58 offers further conviction on our near-term outlook with such a scenario targeting subsequent support objectives into the 2013 high-day close at 144.50. A breach above 148.36 puts us neutral with a move surpassing last week’s highs putting the broader upside bias back in focus. Use caution heading into the weekly/monthly close with key data prints out of Germany & the Eurozone likely to fuel added volatility in EUR crosses.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Relevant Data Releases

EURJPY Correction to Favor Short Scalp Entries Sub-1.48

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday – Thursdays on DailyFX Plus (Exclusive of Live Clients) at 13:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.