By: Doug Rosen
This week has been a very bearish week for the EUR/JPY. On the weekly time frame price continues to ride the 5 ema to the downside and there is much angle and separation between the 5 and 13 ema's indicating strong downside momentum for this pair.
On the daily time frame price also continues to ride the 5 ema to the downside and the daily stochastics is pointing down, however, I am a little concerned about the Bollinger bands since they appear to be closing in on price.
Moving on to the 4 hour time frame price continues to swing fib its way down and price is riding the 5 ema downside and the lower Bollinger band is open and pointing down.
Moving on to the hourly time frame price is riding the 5 ema to the downside and the 5 ema has crossed below the 13 ema and the lower Bollinger band is pointing down. The weekly S1 pivot is at 103.02 and a bounce is expected at that level offering a small scalp to the upside then a good opportunity to enter a short position.
Finally, on the 15 minute time frame price continues to ride down along the 5 ema, however, the lower Bollinger band is pointing up so I expect a bit of a fight in that area. The next daily pivot below is the S1 at 102.95 and at 103.00 is yesterday's low which could be viewed as a double bottom causing a bounce up which will offer a scalp to the upside then a position to enter a short.
