Monday, 13 February 2017

Will EUR/JPY Start Moving to the Upside Again?




EUR/JPY finally did bounce off from the resistance at 123.80 which coincides with the (MA)89 indicator on the weekly time-frame and moved to the downside. The pair almost reached 119.00, forming a new low at 119.32 before bouncing off from that support and forming a hammer candlestick on the same time-frame. Said candlestick could be interpreted as a signal for a new move to the upside, likely towards the same (MA)89 indicator on the weekly time-frame which provided such persistent resistance for weeks on end. On the other hand, if the pair moves to the downside it will likely test the previous low at 119.32, and a breakout below that level will probably lead to a further drop towards 118.00.
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6 comments:

  1. Unknown13 February 2017 at 09:24

    The pair is consolidating for the time being.

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  2. Unknown13 February 2017 at 13:53

    It could head higher. The bullish trend is still in place.

    ReplyDelete
  3. Unknown14 February 2017 at 02:07

    Seems it have found some resistance on the 89 moving average.

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  4. Unknown17 February 2017 at 05:02

    Thnak you for the analysis!

    ReplyDelete
  5. Rozen17 February 2017 at 05:23

    Informative read.

    ReplyDelete
  6. Unknown19 February 2017 at 13:42

    There is still room on the downside.

    ReplyDelete

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