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Euro Continues To Weaken Versus Yen

The Euro weakened against the Japanese Yen with many investors nervous about Greece's bond swap. This may result in the single currency being under pressure this week.

Meanwhile, the Yen and Dollar strengthened against most of the major currencies as stocks fell around the world.

News Watch For EURJPY

There are no High Impact news releases scheduled for the EURJPY pair today but keep a look out for news and reaction surrounding the Greek bond swap and potential BOJ monetary easing policies.

EURJPY Analysis

Yesterday we had a signal to enter a sell trade so lets see how it played out. Take a look at the chart below:

The entry signal was confirmed when price closed below the 107.650 level. I entered at the open of the new candle. As price moved 20 pips in my favor I closed out half the position and moved my stop loss to breakeven.

We were taken out at breakeven shortly afterwards as price reversed and made its way back up to the upper bearish channel trendline. We managed to bank some profit on this trade and avoid any drawdown as price reversed.

At the moment, there is the possibility of entering a sell trade as price breaks below the 106.600 level.

Should the current candle close below the 106.600 level we may look to enter a sell trade and target the 105.700 level as a potential exit area.

The lower bearish channel trendline may also serve as a potential exit.

We'll have to wait and see how it plays out.

All the best!

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Hi everyone,

My name is Wesley and I've been trading Forex for the last 6 years or so. I trade using Technical Analysis and mainly on the EURJPY pair so I hope to meet with other traders and share ideas.

I also intend to post my daily analysis and live trades here on this thread and maybe help out a newbie or two where possible.

Anyway, all the best to everyone and good trading!
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Yen extends drop, Euro up

The Japanese Yen went on to hit a six month low against the US Dollar on Wednesday as Yen selling continued.

This is a direct result of the Bank Of Japan's monetary easing actions last week. Analysts also believe that the Yen has come under additional pressure after Japan's current account surplus fell to a 15 year low last year.

The Euro rose against the Yen but struggled to make headway, as initial optimism over the Greek bailout deal quickly gives way to concerns about economic growth and implementation risks.

News Watch For EURJPY

The Euro has one High Impact news announcement due tomorrow.

09:00am GMT - German Ifo Business Climate

The rest of the week is all clear until the close of trading this Friday.

EURJPY Analysis

I got a signal to enter a Sell trade yesterday, and we're currently looking at the possibility of re-entering the market so take a look at the chart below.

Regular Bearish Divergence was present on my charts, so as soon as a candle had closed below the first black, dashed trendline trenline.

The sell order was filled at 105.718 with my Stop Loss and Take Profit set 40 pips away. I closed a portion of the position when price reached 50% of my take profit and moved my Stop Loss to breakeven.

At this point I was in a free trade and it looked likely that price would continue down but price stalled and tagged our stop loss around breakeven (actually taken out with about 4 pips profit).

At the moment though, Regular Bearish Divergence is present once more so you'll notice that I have inserted a new black, dashed trendline across the latest lows.

Price is also at the top of the Bullish Channel trendline so there's a high probability that we will see a bounce off this resitance area.

Should the Regular Bearish Divergence hold and price close below the new black, dashed trendline (and/or the 105.700 level), I'll be looking to go short once more with targets potentially at the previous low (105.100 area) or the 104.650 area.

Take care and all the best!

Happy trading

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Euro Advances But Many Hurdles Lie Ahead

The Euro advanced on what many analysts believe to be relief over the Greek parliament vote to approve new austerity measures. Greece is not in the clear just yet.

Euro Zone finance ministers will meet on Wednesday to listen to Greece explain how this year's total budget cuts will be achieved before it agrees to the bailout deal.

Meanwhile, the Bank of Japan unexpectedly announced further stimulus measures in order to bolster the country's economy on Tuesday which saw the Yen weaken.

News Watch For EURJPY

There were three High Impact news releases for the Japanese Yen today and just one for the Euro which have already been completed so the market has since stabilized.

The main event to watch out for over the next few days will be the Euro Zone meeting on Wednesday.

EURJPY Analysis

I got a valid entry signal for a Sell trade late on yesterday so I entered to the short side and was able to exit with some profit. Take a look at the chart below:

I entered the sell trade at 102.123 and placed my initial target 40 pips away. The was a little bit of slippage but I managed to close half the order when price reached the 101.954 level (approximately half the profit target).

Price was moving pretty quickly at this point so I moved my stop loss to breakeven right away and was effectively in a free trade.

I was taken out at breakeven not long afterwards but I managed to bag at least half the profit.

As it turned out, price moved up strongly so at the moment, while there are no clear signals forming, I'm keeping an eye on the 103.300 area.

We could see price react around this level. As price approaches this area, it may either break through it or bounce off it, so I'll be looking for a signal around this region.

For now though, we'll have to be patient and see how it plays out. All the best!

Happy trading!

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