Summary
This is simply a technical analysis on the pair. The US 10y T-Note seems to be moving up to the top of the range signalling Yen strngth. As a bear on the Euro I will be looking for selling opportunities with the monthly pivot as my target

EurJpy Daily Chart

Price opened within a bull area zone between the monthly pivot and MM2 @ 119.2. It came a few pips short of a conservative bull target at MM4. Market action Moving averages are flat and the next eyed level of support is seen at MPP at 120.00

EurJpy H4 Chart

Price has been trading through a descending channel and currently at the bottom of the channel at 120.500. With an almost oversold stochastic and though we've recently had a 21/55 cross to the downside, we might see price retrace up to the top of the channel.

EurJpy H1 Chart

The market looks bearish on the 1 Hour chart. A retracement up to 121.00 or the daily pivot point(retest at the role reversal) is where I will look for a selling opportunity. The 21 might also act as dynamic resistance and some bears might consider selling off there.

One thought on “EurJpy Technical Analysis”

  1. Teboho Faro says:

    Nice how you use correlation and your BIAS to setup a trade

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