By: Doug Rosen
The EUR/JPY weekly candle opens up just below the 5 ema and looks like it wants to head down. It can still head up a bit and pierce the 5 ema and possibly even head up to the 13 ema which is where price should be rejected but that could be a couple hundred pips up.
On the daily time frame price is just below the 5 ema but it can easily head up to the 21 ema at around 104.20 before heading down.
Moving on to the 4 hour time frame price is below the 5 ema, and price has been making lower highs and lower lows, a good place to look for a short may be a touch of the 4 hour 13 ema at around 103.70 may give this pair some force to the downside, however, price has made a couple series if higher lows. If price breaks above 104.00 I may look for reasons to enter buys and if price bounces down then I would be looking for shorts.
On the hourly time frame price has made a couple higher lows but ema's are falling. A break below 103.40 I would then be watching for shorts.
Finally, on the 15 minute time frame price is riding its way down the ema's and price is below the daily central pivot at 103.77, however, a bounce off the daily M2 at 103.46 could offer a pullback up to give us a short opportunity.