By: Doug Rosen
Beginning my analysis for the EUR/JPY briefly on the weekly timeframe I can see that price has made its way back up and has touched the weekly 5 ema then retreated. A brief look at the EUR/USD displays USD strength and a look at the USD/JPY displays USD weakness so my bias on this pair for today would have to be bearish.
Looking at the daily timeframe price has just nearly touched the 21 ema and has made a swing fib overlapping with the daily 21 ema, a bearish sign for sure. On the 4 hour timeframe price is just below the 144 ema as well as the monthly M2 at 104.52.
Moving on to the hourly timeframe price made a lower high and has bounced off last week's high and appears to be heading down. Price could just bounce off the 21 ema to the upside when it gets down to the 21 ema but a pierce below it then a retest may be the beginning of bearish action for this pair.
Finally, on the 15 minute timeframe price is already below the ema's and just now bouncing off the 55 ema to the upside only to come into contact with the 5, 13 and 21 ema's overlapped with the daily M3 pivot point. If price was to continue up then I would watch for a break above 104.51 then a retest then watch for longs, or I would watch for price to fall from where it is at and continue falling all day.
