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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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