By: Doug Rosen
See how this EUR/JPY technical analysis was implemented on a binary actions platform.
This pair has been in a range as of lately and has been sitting on strong support. Starting out looking at the daily chart for this pair I see price has been riding along the daily 13 and 21 ema's overlapped with each other. Price is up against a descending trend line which has previously been breached, I expect it will break this trend line.
Moving over to the 4 hour chart it is very obvious price has been in a range. There seems to be a lot of buying pressure around 105.00and a lot of selling pressure around 106.40 Price is just above the monthly M4 but the ema's are braided together which is a sign of low volatility.
Moving over to the hourly chart the same story, tight range, ema's braided together. The hourly appears to be a bit bearish. Price is just below the weekly central pivot point and the 5 ema has crossed below the 13, however, price is bouncing off the 144 ema.
On the 15 minute chart I see price has recently broken below the daily central pivot point as well as the 233 ema and the lower Bollinger Band is open and pointing down. My bias on this pair is neutral. I will be watching for a bounce or a break around either 105.25 or 106.75 If price hits 105.25 and bounces, I will be looking to long, if it breaks it I will be shorting it. If we hit 106.75 I will short on red and if it breaks and retests, I will be in the long.