EurJpy - weekly channel resistance

Posted a chart a long time ago with a target resistance on the weekly - it has now struck that, and looks to be weakening by my reckoning






Shorter term view - 1HR




Certainly looks to be topping on the 1HR timeframe too.
Nice divergence and trendline correspondence on the RSI - in line with the bigger timeframe resistance.

Looks OK on the daily chart too, GC: dl.dropbox.com/u/20815047/EURJPYdaily25_10_12.gif

Stop would probably have to be outside 104.595 recent high. Will be interesting to see how it goes as it doesn't seem to have sharply reversed from that level.

Forgot to add, USDJPY looks like it's still got legs but is approaching resistance at 8060 so maybe a clearer trade? dl.dropbox.com/u/20815047/USDJPYdaily25_10_12.gif

I done these yesterday, similar, but would like your take on the fib levels please Jackozy.

Weekly
dl.dropbox.com/u/43650856/EUR%20JPY%20weekly%2024th%20Oct.htm

Daily
dl.dropbox.com/u/43650856/Eur%20Jpy%20Da...20-%2024th%20Oct.htm

Jackozy wrote: Looks OK on the daily chart too, GC: dl.dropbox.com/u/20815047/EURJPYdaily25_10_12.gif

Stop would probably have to be outside 104.595 recent high. Will be interesting to see how it goes as it doesn't seem to have sharply reversed from that level.

Yea, I would like to see another test and fail on that RSI trendline without the price breaking the trend by a chunk.

Im sideline at the moment anyway and not trading so these are just for fun and keep the brain sharp.

Broad-rock, they look OK to me. We've got 3 levels of resistance: 61.8% Fib retrace of last drop, main downtrend resistance and resistance from previous support at the hammer on the 16th April low. If it closes here for the week then there will be a shooting star on the weekly chart too.

I'm just a little surprised it hasn't reversed quicker but that may be due to it being short of resistance against the USD. Perhaps a bit like FTSE trendlines and S&Rs being a bit vague until the Dow makes them more decisive?