Technical analysis on EURJPY.
EURJPY - Daily
Market (21 above 55) is bullish. Price (5 above 8) is bullish. Stochastic is overbought. Bulls are trying to get price to MM4, the Bulls profit zone and as per pivot point theory after price has reached MM4 it will return to MMP. Resistance at 123.0/MM4 and where I want to sell.
EURJPY - H4
Market (21 above 55) is bullish. Price (5 above 8) is becoming flat. Stochastic is overbought and turning downwards. Price has opened last night just below WM3 (Bear sell zone) and the profit target is WM1/120.0 which also coincide with the MPP. I'm looking at 123.0/MM4 as my resistance and where I will look to sell.
EURJPY - H1
Market (21 above 55) is flat. Price (5/8) is flat. Stochastic is moving down. Resistance is at 123.0/MM4 and support at 122.50. When price reach 123.0/MM4, I will then wait for price to make lower lows and lower highs on M5 chart before pulling the trigger.