EUR/JPY Candlestick Analysis for September 4, 2012
Daily
During the last week and during this Monday the pair rate does not show any movements on the intraday time frame. All candlesticks were opened and closed almost at the same level. As the result, despite some candlestick formations were finally built, the rate is still flat and Bearish Harami together with Bullish Absorption prove this best. Now the price may go up to the correctional level of 76.4% Fibpnacci – 100.44 and then initiate a decline towards 100.0% - 97.01. That is why we need to take into account the younger chart to define the end of the flat position.
4h
On 4-hour time frame the situation is the same. The rate is placed between the correctional levels of 50.0% and 61.8%. On Monday after Bullish Absorption was built, the pair made a swing and hit again the Fibonacci level of 61.8% and then tried to fix above it. As the result, the rate can make a turn to the good of the Japanese yen and fall to the correctional level of 50.0% - 97.86. If the situation changes and the quotes will fix above the Fibonacci of 61.8%, the growth may extend towards the next correctional level of 76.4% - 99.83.
The kiwi was descending during the last two weeks against the greenback. As the result, the quote has fixed below the correctional level 50.0% - 0.7962 of Fibonacci. The decline may continue towards correctional level 0f 38.2% - 0.7842. Bullish candlestick formation may reverse the pair to the good of NZD. If the quotes fix above the correctional level of 50.0%, a stronger growth is expected while if the pair holds below 38.2%, it will push the currencies down towards 23.6% - 0.7695.
4h
Having fixed at 61.8% - 0.7935 of Fibonacci, the quotes can make a swing and rebound towards the correctional level of 76.4% - 0.8049. Two bullish formations (Harami and Morning Star) were formed and they may help the pair to make the reverse. If bearish candlestick pattern is formed, the pair may fall towards correctional level of 61.8% - 0.7935. If the rate fixes below the correctional level of 61.8%, the pair will get a great opportunity to continue its descending move on the both of charts towards correctional level of 50.0% - 0.7844 Fibonacci.
EUR/JPY Candlestick Analysis for September 6, 2012
Daily
Due to low volatility, the EUR/JPY rate is still flat. Candlestick formations which are being formed from time to time, do not affect the price. We have just seen bullish Harami and bearish Long Legged Doji. However, they cannot move the quotes significantly. Thus, when the flat is over, the rate may grow towards correctional level of 76.4% - 100.44 Fibonacci. At the same time, it can also fall towards 100.0% - 97.01 of Fibonacci. On 4H chart the flat is even more obvious, that is why let us examining this chart better.
4h
On 4H chart the rebound from correctional level of 61.8% - 98.74 Fibonacci was not unexpected as well as the rebound from correctional level of 50.0% demonstrated earlier. The bullish candlestick formation Absorption was formed which enabled the rise towards Fibonacci level of 61.8%. Now we can expect the rebound from that level without bullish formation with the quotes fall towards 50.0% - 97.86. Overcoming of 50.0% and 61.8% contributes to upward or downward movement respectively. However, fixation above the correctional level of 61.8% is not meaningful as the sideways channel boundary is placed at the level of 99.00.
EUR/JPY Candlestick Analysis for September 11, 2012
Daily
After being in narrow sideways channel for two weeks, EUR/JPY demonstrates a strong quotes growth. On Monday, the pair was near the correctional level of 38.2% - 100.71 Fibonacci� according to new Fibo-net. Bearish candlestick formation Harami signifies about probable quotes reverse in favor of the Japanese yen. For this reason, we can observe a quotes rebound which can extend until the correctional level of 23.6% - 98.15. On the other hand, if the quotes fix above Fibonacci 38.2%, the rate may go up further towards the correctional level 50.0% - 102.73. Building of bullish candlestick formation will contribute to quotes growth.
4h
4-h chart also demonstrates an ascending move after several weeks of lull. On Friday, we witnessed the rate fixation above the correctional level of 76.4% - 99.85 Fibonacci. After that, two bearish candlestick formations Shooting Star and Harami were built. However, they did not help the quotes to go further down the correctional level of 76.4%. That is why the quotes are still below Fibonacci 76.4% and the quotes growth towards the correctional level of 100.0% - 101.62 is possible. If the rate holds below Fibonacci 76.4%, the pair may fall towards 61.8% - 98.74. Bullish candlestick formation will strengthen the expectation of rebound from the level of 76.4% Fibonacci.
EUR/JPY Candlestick Analysis for September 12, 2012
Daily
EUR/JPY has built bearish candlestick formation Harami and made a swing in favor of the Japanese currency. But if the rate will go above the bearish formation, it will be possible not to take it into account. As the result, the quotes growth will head towards the correctional level of 38.2% - 100.71 Fibonacci. Fixation above this level will enable acceleration towards 50.0% - 102.76. Yet, the pair may reverse to the downside and rebound from the correctional level of 38.2%. In this case it is possible that the quotes drop to the level of 23.6% - 98.15 while bearish candlestick formation will intensify expectations of a rebound.
4h
On 4-h time frame it is obvious that the rate was trying to fix below the correctional level of 76.4% - 99.84 Fibonacci with the help of bearish candlestick formation. However, the next candlestick enabled Absorption formation which is of great importance now while the rate fixed above the correctional level 76.4%. As the result, the quotes growth may continue towards correctional level 100.0% - 101.61 Fibonacci. Another bearish candlestick formation will help to perform a short-term swing to the good of the yen and then go downside. In case bullish candlestick formation is built, the pair rate may grow again.
EUR/JPY Candlestick Analysis for September 13, 2012
Daily
EUR/JPY has built bearish candlestick formation Harami and tried to make a swing towards yen but did not manage to do so. The rate overcame Harami candlesticks, that is why this pattern is of no importance for now. As the result the quotes may extend towards correctional level 38.2% - 100.71 Fibonacci. If the pair fixes above this level, EUR/JPY may reach the correctional level of 50.0% - 102.76 Fibonacci. Moreover the pair still can demonstrate a reverse and rebound from correctional level 38.2%. In this case, the quotes may fall to 23.6% - 98.15. Building of bearish candlestick formation will enhance the expectations of a rebound.
4h
On 4-H time frame the rate has fixed above Fibonacci level of 76.4% - 99.84 due to Absorption. As the result, the growth may extend towards correctional level of 100.0% - 101.61. Another bearish candlestick formation may help the pair to make a short-term swing towards yen and go to the downside, probably, to 76.4%. But currently, such combination is not observed. Fibonacci 38.2% - 100.71 resistance level may prevent the pair from growth.
EUR/JPY Candlestick Analysis for September 17, 2012
Daily
EUR/JPY demonstrated a noticeable rally on Friday. Probably we observed Hammer candlestick formation but it was ambiguous and we could not see any other formations. As the result, the quotes finished their rally above the correctional level of Fibonacci 50.0% - 102.76. Thus, on Monday two scenarios are possible: if the quotes do not fix below the correctional level 50.0%, the acceleration may extend towards 61.8% - 104.80. If the rate fixes below Fibonacci 50.0%, the quotes may fall towards 38.2%- 100.71 of Fibonacci. Bearish candlestick formation may result in significant rebound from the correctional level of 50.0%.
4h
On 4H time frame the pair began its growth after bullish candlestick formation Harami was built and it fixed above the correctional level of 100.0% - 101.61 Fibonacci. Thus, the growth may continue till the correctional level 161.8% of Fibonacci – 106.26. Building of bearish candlestick formation may signify quotes reverse towards the Japanese currency and initiate a modest rebound towards correctional level of 100.0%. Bullish candlestick formation may result if quotes growth.
EUR/JPY Candlestick Analysis for September 18, 2012
Daily
Monday has proved that the quotes fixed above the correctional level of 50.0% - 102.76 Fibonacci. Thus, today we can suggest two variants: as the rate is still close to 50.0% level and if the quotes do not fix below the correctional level of 50.0% Fibonacci, the growth may extend towards correctional level of 61.8% - 104.80. If the rate fixes below 50.0% of Fibonacci, we may see a fall towards Fibonacci 38.2% - 100.71. Bearish candlestick formation will enable the quotes fixation below Fibonacci 50.0%.
4h
On 4H time frame the pair began a modest rebound towards Fibonacci 100.0% - 101.61 after Harami was formed. However, the next bullish formation Harami indicates that there may be a reverse to the good of the euro. Thus, the rate growth may continue towards correctional level of 161.8% Fibonacci – 106.26. Building of another bearish candlestick formation may signify quotes reverse towards the Japanese yen and a slight rebound towards the correctional level of 100.0% while bullish candlestick formation will enable a quotes growth.
EUR/JPY Candlestick Analysis for September 21, 2012
Daily
The quotes fixed under the correctional level of 50.0% - 102.76% Fibonacci. Thus, we can assume the quotes will drop during the next few days. As a result, the quotes decline may continue towards the correctional level of 38.2% - 100.71 Fibonacci. If the quotes fix above 50.0%, the acceleration may extend towards 61.8% - 104.77. No new candlestick formations were built. It complicates slightly the situation as there are no signs of possible changes. The pair can make a rebound from the correctional level of 38.2% and a turn of quotes in favor of the euro, especially, if the bullish candlestick formation is formed near the level.
The quotes fixed under the correctional level of 50.0% - 102.76% Fibonacci. Thus, we can assume the quotes will drop during the next few days. As a result, the quotes decline may continue towards the correctional level of 38.2% - 100.71 Fibonacci. If the quotes fix above 50.0%, the acceleration may extend towards 61.8% - 104.77. No new candlestick formations were built. It complicates slightly the situation as there are no signs of possible changes. The pair can make a rebound from the correctional level of 38.2% and a turn of quotes in favor of the euro, especially, if the bullish candlestick formation is formed near the level.
4h
On 4H time frame the quotes fell to the correctional level of 100.0% - 101.60 Fibonacci after bearish candlestick formation Harami was built and it fixed under it. Thus, the rate fall may continue towards the correctional level of 76.4% Fibonacci – 99.83. Fixation of EUR/JPY above the correctional level of 100.0% will mark the turn in favor of the euro and reverse towards the correctional level of 161.8% - 106.24 Fibonacci. But the building of bearish candlestick formation will intensify the anticipation of the quotes fall to the correctional level of 76.4%.
EUR/JPY Candlestick Analysis for September 25, 2012
Daily
The EUR/JPY rate has fixed below the correctional level of Fibonacci 50.0% and fell towards correctional level of 38.2% - 100.73. No candlestick formation was built during the week. From correctional level of 38.3% the rebound is possible. If this happens, the rate will try to grow towards Fibonacci 50.0% - 102.79. Quotes fixation below 38.2% Fibonacci will intensify the expectations of quotes drop towards Fibonacci 23.6% - 98.21. Bullish formation will support the probable EUR/JPY rebound from Fibonacci 38.2%. We should note that it is not clear now if there is going to be a rebound from 38.2% Fibonacci or not.
4h
On 4H time frame EUR/JPY ignored Fibonacci 100.0% - 101.61 once again. After bearish formation Hanging Man was built, the quotes dipped below Fibonacci 100.0%. Thus, the rate may fall further towards correctional level of 76.4% - 99.83. Bearish formation Absorption indicated the likelihood of rate drop on Thursday. Bullish candlestick formation may help the pair to return to Fibonacci 100.0%. Now we should pay more attention towards candlestick formations that signify about growth change and quotes fall.
