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EURJPY Forecast and Technical Overview

Published:09-09-2018

Pair / Instrument: EURJPY

Current Price: 128.260

Fundamentals: Monetary policy will be back in focus next week as the European Central Bank and the Bank of England hold policy meetings. No suprises expected from ECB.

Weekly Chart: Bearish.

The pair is trading below EMA 50 and testing the SMA 200 support.Technical indicators showing the potential  downside movement.

Daily Chart: Bearish. 

The pair is below all main Moving Avarages. Testing the median line of the Bollinger Bands.A daily closing in the lower Bollinger Bands will trigger the bearish move.

H4 Chart: Bearish

EURJPY ended the week beloe EMA 50, SMA 100 and SMA 200. According to RSI, the pair has potential downside rooms.

Hourly Chart: Bearish

Intraday Key Levels:

Upside:  128.510    128.900   129.290

Downside: 128.050   127.730   127.340

Chart Patterns: On the smaller chart timeframes, bearish triangle breakout. A wedge pattern formation on the H4 Chart. Break below the wedge would trigger the bearish move. On the bigger charts a potential  Bullish Bat Pattern formation.

Our Comments: Shorter term, bearish pressure will continue as long as EURJPY holds  below 129.600 .Bearish breakout of the wedge will trigger the downwards move targeting 127.340.

Trade Opportunities: We have one short and one long setup and will be published for the members

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Rules To Keep In Your Mind:  Trade Safe. Money  Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.

You can contact us via Skype User Name: Chartreaderpro

DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

EURJPY Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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