Trading Week April: EUR/JPY

EUR/JPY: watching the 61.8% fib!

EUR/JPY: The E/J is trading back down at the major S/R level of the 61.8% fib level from the 2008-2012 bear move. This is a major demarcation level for the E/J. A sustained hold above this level would suggest continuation but a failure here would suggest a bearish reversal:

Price closed below the bear triangle trend line on the daily chart and I am now close to receiving a new TS signal to 'short' from my daily chart as well. I need another daily candle close to confirm this but, a new TS short signal and a triangle break might be quite convincing. This 61.8% fib at the 140.50 area is major support though and this level may not be given up without a struggle:

E/J 4 hr:

E/J daily:

E/J weekly:

E/J monthly:

Ichimoku Cloud for EUR/JPY:

Price is below the Cloud on the 4hr but nearing the bottom of the Cloud on the daily. I would also want to see a daily candle close below the daily Cloud before getting too excited about any new short as the bottom of the daily Cloud may offer some support here. Price is well above the Cloud on the weekly and monthly charts so there is room for a move lower, even if only briefly:

E/J 4hr:

E/J daily:

E/J weekly:

E/J monthly: