Warning! Explosive EURJPY is here!

How to work with this article?

I regularly check different websites with various statistics, and my eyes are hurt enough with mediocre google translated analytics from Japanese traders. I always wonder what they try to say and lost in the translation of their forecasts. But on the bright side, many of these forecasts are profitable, excluding just a few of them (there is always a room for improvement thou).

Today, with the help of an educated guess method, we've chosen EURJPY for analysis. Let's see what we've found out:

Basic arguments

There is no super important news about EUR so far (which is good) - the forward rate for EURJPY supports the uptrend.

Technical arguments

The trend that pushed everything up is stuck for now. It goes nor up nor down, which means that the upside movement is more likely to happen (especially if we put attention to a big fat candle of 31.10.2019 - if it wanted to go down, it would already fly down).

Big traders' statistics

The big traders' statistics for EURJPY is the icing on the cake. Major traders bought, buy and will continue buying it.

Picture 1

Picture 1. The price chart of EURJPY and a chart of a big traders' indicator for the period of 05.10.2019 - 05.11.2019.

If we take particular attention to picture 1, then we can notice that the position grows and continues to accumulate in volumes. It means that the volume will pass out of critical range very soon and will explode!

What we're saying

EURJPY sends unconventional signals that there is still some good gunpowder ready to explode, which may happen already this week. It is high time to expect an upside movement, which is proved by technical and fundamental analysis.

Last time in a similar situation, I used the help of the following indicators. It helped me a lot:

• RSI
• Moving Average

So, good luck, everyone!