EUR / JPY: Wednesday 18th December 2013. 07:49hrs

EUR / JPY:

The monthly chart shows a strong down trend with a pull back to 61.8% Fibonacci level at 142.00

Chart below:

 

 

All other time frames are showing a strong up trend.

 

Chart below:

 

 

There is a Head & Shoulders pattern on the 60 minute time frame.

 

Conclusion:

 

I will look for a new high above 143.00 with the immediate trend, a pull back and a long position.

 

Or

 

A break down through the neck line of the Head & Shoulders at 140.90 for short positions.

 

Chart below:

 

 

FOMC Economic predictions at 19:00hrs (UK time)

 

Best Regards

 

Mad Dog Trader.

 

 

 

 

EUR / USD: Monday 2nd December 2013. 10:17hrs

EUR / USD:

After retracing to the trend line resistance on the weekly time frame, EU has entered a Daily time frame down trend. Price has retraced over the past week to the 61.8% Fibonacci level.

Chart below:

 

As you can see price has been rejected from the 61.8% Fibonacci level.

 

This morning price has made a nice thrust move down through the averages and Pivot points and I am looking for a short position as detailed below.

 

Levels and Chart below:

 

Entry: 1.3575

 

Stop Loss: 1.3605

 

Target: 1.3425 (150 pips and a previous low. Also coincides with 2.618% Fibonacci extension).

 

 

I will update again should the position be opened.