Reminiscences of a FX Operator

[LaOxnzanaGeLuming]

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[LaOxnzanaGeLuming]

For the previous two months we saw Euro surged against the Yen from the reduced of 151.70 to attain a high of 161.10 last week. This also suggests that the price briefly touched the 61.8% retracement level of 160.93 (166.65 to 151.70) but sellers and profit-taking quickly came in and nearly instantly in the space of 10 minutes as the set dropped about 100 pips throughout the selling procedure. Struggling at 160.93 also suggests a potential double top graph pattern is formed on the daily chart.


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The two-week rally also saw the set broken above the 55-EMA on the weekly chart. Looking at purchasing momentum around everyday MACD weakening and the 4-hour and also the recent cycle looking overbought, I reckon this week, that the bias could be shing towards the downside. Expect to see support around 158.88 using a rest under 157.50 should confirm the selling momentum. Intra-day upside resistance seen at 160.17 using a rest above 160.53 should retest the swing high at 161.10.