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EURJPY Weekly MACD Trying to Positively Cross


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The EURJPY rallied another 100 pips yesterday, but appears to want to healthily consolidate for at least several days after rebounding for more than a week from the 2019 low. Significantly, the EURJPY has reclaimed the psychologically key 120 whole figure level, and is nearing the downtrend resistance line (on the weekly chart). Any weekly close above the weekly chart downtrend resistance line will bullishly reinforce the major trend reversal effort (higher) tentatively under way. In the next day or so though, consolidation can be expected with the 4hr MACD trying to negatively cross, and the daily Stochastics overbought and tiring. The weekly RSI, Stochastics and MACD, along with daily MACD are bottomish or rallying. I am looking at entering long in the green zone (of the daily chart), and am targeting the red zone for next Wednesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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Before the launch of Tradable Patterns , Darren Chu, CFA, served as IntercontinentalExchange | NYSE Liffe's country manager for Australia, India, and the UAE between July 2010 and January 2014, expanding his role to look after Liffe business development in APAC ex-Japan/Korea until his departure mid April 2014.  His primary remit was developing relationships with Liffe clients, prospects and partners in the buyside (traditional and alternative asset managers), proprietary trading (high frequency algo as well as manual, point and click traders), bank, broker (institutional and retail), commodity trader and ISV community.  Key futures and options promoted included European/London rate benchmarks such as the Euribor, Short Sterling, Gilts, London/European index futures including the FTSE and CAC, London soft commodities (Robusta Coffee, Cocoa, White Sugar), Paris (MATIF) markets (Milling Wheat, Rapeseed), and NYSE Liffe US markets with the MSCI EM, MSCI EAFE, gold/silver, Eurodollar, US Treasury and GCF Repo futures being the focus.

 

Previously, Darren was with the TMX Group | Montreal Exchange for 4 years, marketing Canadian futures and options across North America, London, Singapore and Hong Kong.  Darren also launched and managed CMC Markets Canada's Chinese marketing and sales team, along with educational offering.  On the academic trail, Darren has been a frequent guest speaker at Canadian universities as well as an author of content for 3 derivatives courses offered by Canadian Securities Institute and mandatory for licensing of Canadian derivatives industry professionals.

 

Darren can be reached at +65 8118 8840 or via email at darrenchu@tradablepatterns.com.

 

 

 

contributing author since 11/21/2017 

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