Recently I don’t trade EURJPY pair because

a) Both EUR and JPY are weak
b) EURJPY is in the cloud on Ichimoku Chart (see below)

2015-07-29_13-16-19-EJ3

So I decided not to trade this pair, until the candles get out of the clouds.

However, I have noticed the current prices are at the hardcore resistance.

2015-07-29_12-29-50-EJ1

As you can see above, the current level is

a) Previous resistance
b) Monthly Central Pivot Point (MPP)
c) Weekly R1 Pivot Point (WR1)
d) Daily Central Pivot Point (DPP)

So either we expect the break of this resistance, or expect the drop from this level.

I would rather expect the price will drop from this level, as I would rather read the price actions as below.

2015-07-29_12-29-50-EJ2

 

So if you want to trade EURJPY, you may want to monitor this price action of this pair in detail.  I will check for the reversal price action on M15 chart.

 

Happy Tradin’

 

 

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