The primary trend of EUR/JPY is bullish on charts and price is trading below the trend line in its hourly chart. In hourly chart the price is sustaining above 200 day SMA and taking resistance of 50 day SMA indicating downtrend of the pair. It is having an important resistance at the level of 131.65 and support at the level of 130.02. If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
INDICATORS
MACD is sustaining in its negative territory indicating the bearish trend in the pair.
RSI is sustaining in its selling zone indicating the upcoming bearish trend in the pair.
STRATEGY
EUR/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra-day to mid-term positions in it.
Hi, i agree with you. I`m already shorting thr euro since friday morning. Downtrending, with price action well below 150 EMA, and retracing from resistance, in the 25 and 50 EMA, on the daily chart. Target: 126.7/ Stop loss at 132.16. Risk reward a litle over 1:4 Expect to reach target on friday. Maybe it`s a long shot. Would like to know your opinion. Thank you. I couldn`t upload the chart, dont know why.
piponomics
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Pesca please pm me your chart I would love to see! Thanks Kate
Nothing fancy, i usually don`t use too many indicators, in this case i just used chat analisys. Btw, LL stands for Lowest Low, in my book, of course. :) I allways mark the lowest level of the previous year, 2015 in this case, and it was alyready tested in January. Now i`ll just wait for it, the market will decide, like always. :)