Monday, January 24, 2011

EURJPY—nudging above resistance

All the Euro crosses are nudging up this morning, following the Euro and this pair is no exception, reaching a high of 112.77 so far this morning, just above last week's high of 112.50. The weekly close was at 112.47 so bulls have control. I'm long from 111.89.

As long as the pair can keep nudging higher and get above the potential C wave target of 112.92 (.618A) as well as fib, MA and price resistance in this area (big resistance), I don't see any real resistance until 113.71/114.00, a weekly downtrend line from October, price target, and a round number. After that is 115.66, 116.09, and 116.68.

© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.

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