The Euro against the Yen.

Good evening Dynamic Traders,

Tonights chart awaiting your analysis skills is of the EURJPY on a four hour timescale.

As you will see from the image below we have got a squeeze in progress with a good figure acting as resistance together with the two previous tops, with a good fibonacci reversal cluster area and a rally in a longer term downtrend.

Initiatially I am looking to take some pips to the downside if I get confirmation, which is growing as I am writing this update, with the Stochastic hooking down from OB territory.

If the resistance should give way then the 130 area could possibly be reached and entry gained by our filter technique.

At present I am not in the trade but will wait to see what transpires from the medium impact news out later tonight.
















Charts courtesy of TradeStation.

Good luck and ensure you do your own analysis.

Clayton Farnworth.
FX Technical Trader.