By: Doug Rosen
EUR/JPY pair looks exactly like the EUR/USD On the weekly this pair has been gracefully riding the 5 ema down also on the hourly with the 13 and 21 stepping in at times.
On the 4 hour chart we maintain a bearish look, we are fibbing off the recent swing down and the fib overlaps with the monthly and weekly M2 which is overlapped with the hourly 144 ema.
Moving over to the 15 minute chart it is obvious that the Fib I mentioned in the 4 hour chart overlaps with yesterdays high and the stochastics is approaching the overbought zone.
Looking at this pair, I would only be looking to enter shorts. We have reached the fib retracements and are in position with the 5 ema's on the weekly and daily charts I would feel comfortable entering shorts off fibs, ema's and pivot points.
