EURJPY Weekend Summary

Readers will probably want to go read the EURUSD first, then the USDJPY and then this. I am not going to repeat myself here, so this will be shorter in words!

 Not a lot changed last week: price is still in the triangle. I do not know if it is a 'b' wave or wave 4, and I don't know if 'e' is done already, in 'c' of 'e' or becoming a triangle in itself. What I do know is being on the right side of the exit is likely to make the rest of the year's income target look easy.

 The multiple FLD chart is calling for a break and I am expecting it to be northbound.

The monthly Ichimoku is similar to the USDJPY chart with the monthly momentum study burning off its overbought status but the longer term studies, no where near finished to the upside. A break of the cloud is not to be fought!

 The weekly momentum studies look tired, but they can look like that for an awful long time. Nothing bearish here other than possibility of a correction into the cloud, but so far sidewards action looks to dominate that cause.

The momentum studies on the daily chart confirm the triangle but with no negative studies in the Ichimoku, I am looking for a wave '4' to conclude here and a 5th to exit northbound. Of course, this is all thesis with my intraday focus being on trading the opening ranges, which I write up during the day. See you all tomorrow.