CHART1 TimeFrame: Weekly
INDICATORS: MACD(24,52,18), SMA55, SMA89, Trend line
From weekly chart, I can see:
1.1) SMA55 cross-down SMA89 is kept, so the rising should be slow, and retrace is foreseen.
1.2) MACD(24,52,18) had Top Divergency is foreseen,this is the reason why EURJPY retraced several weeks ago, and the adjustment may not be finished yet, so I expect another retrace when price reaches 125.815 again.
1.3) 2 or 3 weeks ago, EURJPY found support at SMA89, so I expect a rising above 126.095 finally(it may not be reached before target date).
1.4) When I see to the left side of the chart, there is a wide range of Transaction-Intensive Area, so the rising may face great resistence and slow.
CHART2 TimeFrame: Daily
INDICATORS: MACD(24,52,18), SMA55, SMA89, resistence line
From the daily chart, I see some facts and assume the moving trail:
2.1) MACD(24,52,18) Top Divergency is foreseen, there maybe a retrace, EURJPY draw-back to find support at SMA55(I extend the line by imagination, it is magenta color in chart2).
2.2) It will then forming a rising triangle, resistence line is 125.815, supporting line maybe as I draw in green color.
2.3) It may finally breakout upwards to 125.815, and may retrace to 125.815 then rise to 126.904, I expect the range is [125.815, 126.904], I take average value 126.36 as target price.
My trading plan:
3.1) When EURJPY reaches 125.815, find chance to Short EURJPY, SL is 41 points, TP 124.75.
3.2) If 3.1) is true, open Long position when EURJPY meets SMA55, bett[/125]…