Friday, June 1, 2018
The EUR/JPY in a possible bearish bounce
The
EUR/JPY falls to the 125.00 zone from where it bounces to the upside and
reaches a resistance zone around the 127.87 level where we can find the 200
week EMA. Above the 200 Week EMA, its next resistance could be the 130.19 zone
where we can find the 55 Week EMA. However, the 55 day EMA keeps retreating
from the 200 day EMA as shown on the daily chart and that is a sign that the
bearish trend is still strong, regardless of the current bullish pullback. On
the weekly chart the pair has formed a hammer pattern, which is a bullish Japanese
candlestick pattern. Therefore, the price may continue higher. A most important
resistance for the EUR/JPY on the daily chart is the highs around the 133.00
zone. To the downside, in case of a continuation of its bearish trend, the low
at the 125.00 level may act as support.
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The pair continue trading in the range.
ReplyDeleteI fully agree with your assessment.
ReplyDeleteIt found some resistance at 128.70.
ReplyDeleteThe pair eased around 128.30 and lost upward strength.
ReplyDeleteI think it will continue moving north.
ReplyDeleteAs always, very detailed analysis.
ReplyDelete