By: Doug Rosen
I will start with the EUR/JPY today's daily chart. Price fibbed the other day and overlapped with the 233 ema and has been dropping since. The 5 ema looks as though it wants to rollover and cross below the 13 and stochastics is pointing down.
Moving on to the 4 hour monthly pivot chart price has just busted below the central pivot at 106.88 and the 5 ema is pushing price downward. The stochastic is in the oversold zone but looks like it wants to cross down from within the oversold zone, a very bearish indication.
On to the hourly weekly pivot chart price is trying to break the central pivot at 106.70 and the 5 ema is laying heavy on price and the lower Bollinger band is pointing down.
Finally, on the 15 minute daily pivot chart price has dropped below the S1 at 106.83 and the 5 ema has crossed below the 13 and pushing price downward.
The next area I expect a reaction will be the M1 at 106.59. The lower Bollinger band is beginning to open up and stochastics is pointing down, I expect a bearish day for this pair.