I am a bear on this pair for this period for the sole reason that its Japanese financial year end and the YEN is expected to be strong around this time of the year, although EUR has been bullish caused the rumoured interest rate hike.

EUR/JPY Daily

Market and Price is flat. Price has been ranging between resistance @123.513 and support @118.553 and now bounced off the resistance and moving towards the support at least for this week. Price opened the monthly pivots between MM2 & MPP, with an expected pivot target of at least MM4. Price bounced off strong resistance few pips away from MM4 and dropped. Stochastic is almost in the oversold region.

EUR/JPY H4

Market (EMAs 21 below 55) and price (EMAs 5 below 8) are both falling. Price currently broke through support at 120.104. I suspect that it will bounce at resistance @ 119.489 and WS2. Stochastic is in the oversold region.

EUR/JPY H1

Market is falling (EMA 21 below 55) and price somewhat flat. Price just bounced of DPP and EMA 21 and its between DPP and MPP at 120.050. I expect price to break through MPP and resistnace at 119.696as the YEN continues to be strong. I will look to sell on the retest (i.e. role reversal) or fibonacci retracement to the sweet spot or 5 & 8 cross after the retracement on lower time frames. Stochastic shows price moving up.

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