There is a LOT of items on this chart, but when you take a closer look, it's telling a story. This 4 Hour view of EURJPY shows the Ichimoku Cloud indicator, along with 5 separate Fibonacci indicators.
The reason for the several indicators is to show you how the Ichimoku and Fibonacci could be used together. Note that each time we have a Kumo Breakout (on the ichimoku cloud) many of the turning points in that breakoout happened at 23.6, 32.8, 61.8 or 78.6 levels.
What does this mean for EURJPY? Well, it's quite possible that we will see it continue to go up, with possible a turn around at various levels, as indicated by the various Fibonacci levels shown.
FULL RISK DISCLOSURE: Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is no guarantee of future results.
I am not a financial adviser.
I am not a commodity trading adviser.
I am not offering any advice to you as to how you might trade or invest your money.
Charts and analysis are a mixture of my own thoughts, along with input from various sources. TRADE AT YOUR OWN RISK. I AM NOT RESPONSIBLE FOR YOUR TRADING EXPERIENCE. You bear the responsibility to analyze all charts on your own, and make your own opinion before placing a trade.
The reason for the several indicators is to show you how the Ichimoku and Fibonacci could be used together. Note that each time we have a Kumo Breakout (on the ichimoku cloud) many of the turning points in that breakoout happened at 23.6, 32.8, 61.8 or 78.6 levels.
What does this mean for EURJPY? Well, it's quite possible that we will see it continue to go up, with possible a turn around at various levels, as indicated by the various Fibonacci levels shown.
FULL RISK DISCLOSURE: Trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is no guarantee of future results.
I am not a financial adviser.
I am not a commodity trading adviser.
I am not offering any advice to you as to how you might trade or invest your money.
Charts and analysis are a mixture of my own thoughts, along with input from various sources. TRADE AT YOUR OWN RISK. I AM NOT RESPONSIBLE FOR YOUR TRADING EXPERIENCE. You bear the responsibility to analyze all charts on your own, and make your own opinion before placing a trade.
