From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H1 or lower.
As a result of declines since December 2014, EURJPY pair reached level 111.00, which coincided with 70.7% retracement of the Fibonacci correction from earlier increases where demand response occurred. It is worth noting that although this level was defeated already once in December 2012, it was only its first re-test.
Looking at weekly chart, we note that as a result of October growth, market in November last year has overcome the downward trend line.
The analysis was made on Broker BDSwiss platform, which offers leverage up to 1: 500 and low spreads
On daily chart we will see that, as with the other currency pairs with EUR, the market started this week with a huge bullish gap. In this case it reached nearly 360 pips and despite Monday’s attempt to close it, since yesterday we are again seeing increases. If this trend continues, in near future we would expect to be able to test again handle 123.20.
Looking at H1 chart, we note that market yesterday hit local resistance resulting from Monday opening. However, this level has not yet been re-tested from above (as support), and today the first supply response has already emerged. In the near future we would expect that we could deepen our current downward correction.
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