Euro/Yen - Buy the dips
Date: 3rd July,2017 by Timothy Straiton
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Current level is 128.44, trading above the rising 40 week moving average of 120.83 and also above the monthly pivot level of 126.53. The current bullish trend is running into overbought territory with the 14 day relative strength index at 77%, thereforea relapse towards the 119-121 level is possible and where long US$ positions could be considered. Upside targets are 134.35 and thereafter 140.20, being the Fibonacci 61.8% and 76.4% retracements from the low of 109.47, based on the 109.47 - 149.72 range.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.