By: Doug Rosen
EUR/JPY pair starts off sitting on the 5 ema on the daily chart. The 5 ema is ahead of the rest to the upside and the 13 is beginning to cross above the 55 ema all bullish indications from a daily perspective.
Moving on to the 4 hour chart I see the 5 ema has crossed above the 13 and price is trying to ride the 5 to the upside. The upper Bollinger band is still pointing down and it will need to open up in order for price to pass through.
On the hourly chart price is also above the 5 ema and price is approaching last weeks high at 108.12. I expect to see some fight in that area and if price breaks it, should go to 108.65.
Finally, moving on to the 15 minute chart price is also above the ema's, however, the stochastics is in the overbought zone pointing down and price is approaching the daily M3 pivot at 107.93 which is a reversal pivot so I expect a fight to occur at that level and won't be home free unless price breaks 108.06 which was yesterdays high, then the next level of concern is the R1 at 108.39. If price falls and breaks below the daily central pivot at 107.47 then I would be looking for shorts.