Tuesday 20 March 2018

EUR/JPY Is Bearish Again



EUR/JPY recently bounced off for a second time from 129.60 but that did not lead to a significant move to the upside as the pair rallied to 131.70 and bounced off from that resistance too, forming a shooting star candlestick on the four-hour time-frame below the (MA)89 indicator on the same time-frame, then continued falling. Currently the pair is testing the support at 130.20 and considering the aforementioned candlestick it will probably break out below it. If or when that happens there will probably be a further move to the downside towards 129.60 for yet another test of that support. Now the question is whether that will lead to a triple bottom or there will finally be a breakout.

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