Investing.com - Financial Markets Worldwide
NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

EUR/JPY In Pin Bar Reversal

BySecond Skies
AuthorChris Capre
Published 06/14/2012, 04:04 AM
Updated 05/14/2017, 06:45 AM
EUR/JPY
-
FLG
-
GC
-
EUR/JPY

The EUR/JPY formed a potential pin bar reversal setup two days back and has been struggling to make new gains into the upper regions of the rejection failing twice to breach the dynamic resistance and 20ema along with the key role-reversal level at 100.50. Although overall short-term momentum is up with the pair gaining 7 of the last 9 days, it doesn’t have much enthusiasm, and not surprising considering the Spanish bailout & upcoming Greek elections failing to allay any fears the EZ has turned the corner. Because of that, we are open to selling rallies in key areas and we would be open to shorting at 100.51 or 100.90 for a move back to 100 and 99.15. A break above the pin bar high would likely push price action back towards 101.96.
2
Global Market Commentary
Global markets fell today as the continual worries about Europe march on with Spain getting ratings cuts from Egan Jones and Moody’s (no surprises there) while the Greek Bank Runs Jogs continue to ramp up now being about €1B per day. As we noted about two weeks ago, what's stopping all the Greeks from taking their money out before the elections? Food for thought. 

The Greek vote on the 17th is hanging like the Sword of Damocles over Europe but the fact remains Greece is almost out of cash, peripheral economies in Europe are losing access to capital markets while bond yields are hitting record territory in Spain and Italy and we do not expect any resolution in this theater to come soon.

Meanwhile, the S&P lost 9pts, the Dow 77pts and gold continues to gain adding another $5.20 to the shiny metal.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.