By: Doug Rosen
The EUR/JPY begins the new trading day just below the 21 ema on the daily time frame with an upper Bollinger band heading down and the stochastics trying to cross down. The 5 and 13 ema's are tangled together indicating this pair has not been doing much on the daily level.
On the 4 hour time frame price is below the ema's, however, all the ema's are bunched together.
On the hourly time frame same story, the ema's are all just tangled together indicating there is very little speed and momentum for this pair. On the hourly time frame price is trapped in a triangle price trap and seems to be in a period of consolidation since price has been making lower highs and higher lows.
Finally on the 15 minute time frame all the ema's are also bunched up and price has no direction at the moment. Price is still within a triangle price trap and I will just watch and see if price makes a break.
