THIS PAIR RALLIED LAST WEEK AS THE JAPANESE YEN FLEXED SOME STRENGTH ACROSS THE BOARD, HOWEVER PRICE PULLED BACK BY FRIDAY ERASING SOME OF THE YEN GAINS. PRICE IS CURRENTLY AT MM3 RESISTANCE AND JUST ABOVE THAT PIVOT ON THE H4 CHART IS THE WM3 PIVOT. THIS COULD OFFER A POSSIBLE SHORT SETUP FOR YEN BULLS. IF PRICE HEADS UP BREAKING THE RESISTANCE LEVELS I MENTIONED THAN THE NEXT AREA TO LOOK FOR A SHORT OPPORTUNITY IS AT WR1 136.74 ON THE FOUR HOUR CHART.

EURJPY H4

21 AND 55 ARE FLAT. PRICE IS CURRENTLY AT MM3 WITH THE WM3 PIVOT JUST ABOVE. I DIDN'T ADD A FIB BUT IF YOU FIB THE PREVIOUS MOVE YOU WILL NOTICE ITS THAT MM3 PIVOT COINCIDES WITH THE 61.8 FIB. STOCHASTICS IS OVERBOUGHT AND JUST ABOUT TO TURN INTO THE TRADE ZONE.

EURJPY H1

MARKET IS BULLISH, 21 IS ABOVE THE 55. PRICE IS AT DM3 WHICH COINCIDES WITH MM3. SUPPORT AT DPP WHICH COINCIDES WITH WPP. BEARS WILL HAVE TO GET THROUGH THAT SUPPORT AREA TO CHANGE THE TREND DIRECTION. STOCHASTICS IS HEADING NORTH.

EURJPY M15

THE MARKET IS BULLISH, 21 IS ABOVE THE 55. HOWEVER ONE CAN SAY PRICE HAS FORMED A HEAD AND SHOULDER PATTERN. A LOWER LOW AND A LOWER HIGH WOULD CONFIRM THE DOWNWARD MOVE WHICH I WOULD LOVE TO SEE.

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