EURJPY technical analysis.

EURJPY - Daily

Market (21 above 55) is bullish. Price (5 above 8) is flat. Stochastic is overbought and turning down. Resistance levels at MR2/134.0, 135.0 and 136.0. Support levels at MM4/133.50, MR1/132.50/38.2 Fib, 132.0/50.0 Fib and MM3/131.50/61.8 Fib. I am expecting price to retrace and will keep an eye on key support levels for a buy entry.

EURJPY - H4

Market (21 above 55) is flat. Price (8 above 5) is bearish. Stochastic is moving down. Resistance levels at WM3/134.0/MR2, WR1/134.50 and WM4/135.0. Support level at WPP/MM4/133.50, WS1/132.50/MR1 and WM1/132.0. I am looking if price will hold at the bottom of the range (WPP/MM4/133.50), I will look for a reversal pattern on a lower time frame and keep an eye on Stochastic for when it is oversold. If price break through the bottom of the range, I will look at next support levels and wait for a reversal pattern. If price gets to the bears profit zone early in the weak I will do a counter trade back to WPP as per pivot point thoery.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.