Vladimir Ribakov analyzes EUR/JPY on June 2, 2020, noting price has ridden the upper Bollinger Band for over 20 candles with overbought RSI. He expects short-term retracements before continuation toward resistance near 122, with stop-loss orders potentially creating clearance zones.
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Hey guys, how are you? Vladimir Ribakov here from Traders Academy Club, and this video is the day trading idea and market analysis. Today we are on 2nd of June 2020, so happy summer, or almost summer, to everyone. I hope you are well and I hope you, I hope you are safe, and I wish you a fantastic trading week. Today in my view is the euro yen. But before that, if you are new to the channel, so first of all, welcome to our community. I would like to invite you to subscribe to the channel. Just follow the subscribe button below this video and remember to enable the notifications as well. I would like to invite you to join our trading club and to enjoy from all the trading ideas we share on daily basis on live market analysis video and trading reports, and also I invite you to join our free Telegram channel, and both links you can find below this video in the description or in the pinned comment. So the euro is rockstar, and the previous week I shared with you the euro-dollar trading idea. If you missed that, right now on the right top corner you can find a direct link, and to enjoy Watching that and get the idea, and the euro dollar affects also the euro yen. Makes sense, right? And we are riding there to important levels. Now I cover the euro yen in my weekly forecast. Also, if you missed right now on the right top corner in the cards, you can find the direct link to the weekly video so you can see the euro yen there. For the long term, I would expect the euro yen to do this. But for the shorter term, look where we are heading. So this is a massive trend line from the weekly of this cycle. So after the bullish divergence, we got the first bounce and it goes straight from Bollinger to Bollinger. Now take a look what happens here. We, we went through the psychological 120 like it didn't exist, all the way to go to clearance zones. Of the previous drop down. This, from my point of view, becomes a very, very strong key level. Watching on a 4-hour chart, the price is riding on the upper Bollinger Bands for more than 20 candles, which puts its pressure on it. As you can see, we are here gaining momentum, therefore likely to assume that that's not the end So retraces and we should see continuations. But at the current place, we are riding the upper band of more than 20 candles. The duplication levels are right here of the Bollingers, and RSI is entering its overbought area above 20. And the same happening also currently on the 1-hour chart. So from my point of view and the way I see that, this rally should should find a good resistance above this area. And the reason is because of the— as I mentioned before, because of the previous daily drops. As you can see here, right, this is a very strong zone. Tons of stop losses and other orders located here, very likely to assume that if the price managed to reach this area and ideally to spike through, uh, we should find some resistance power. Also, we are getting very close to the weekly trend line. So the way I see that, we should find some resistance here, and when the price bounces— if the price bounces, likely to assume— we will see another attempt To push further until the reversal signs on the higher time frames would actually go and come in. So this is my view for the euro yen for today. Also, I wanted to show you something. Second statistical here on the statistical view. As you can see, we are right now on the second, but. It's not the most powerful day, and it doesn't have any surroundings there. So that means that these bounces, if happens, it's just another kind of confirmation that they might be the shorter term before we rally towards the more critical zone by the end of the month. As you can see here, towards The 122 and higher. So that's my view for the euro yen. Again, I do expect here to see some fights, likely maybe the those who missed the train trying to jump or whatever it is. Then some clearances there, some stop losses activating, and then continuation. So that's how I would expect the price to. Move, and let me know what do you think about the euro yen? Are you bullish? Are you bearish? If yes, where from and where to? Drop a message in the comment section. Also, if you find these ideas interesting, useful, educational, helpful, please hit the like button. Your support and my work helps a lot to the channel, and thank you very much in advance. Also, feel free to share this video. Video with anyone who you want. It's free for the community, so I hope you find it again useful and helpful. 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