By: Doug Rosen
Yesterday I stated in my analysis that the EUR/JPY looked bullish because on the weekly time frame price had opened up just above the 5 ema. I have to honestly say I don't know what I was thinking at the time since I was bullish on the Swissy and bearish on the EUR/USD and I should have been bearish on the EUR/JPY due to the laws of correlation. Price may have been slightly above the 5 ema but it didn't take long for it to drop.
On the daily time frame yesterday price had pierced the 21 ema to the upside and I guess I was kind of right since price did go up about 50 pips before it fell. Today price has opened up just below the 21 ema and is currently below the 13 and 5 ema's.
On the 4 hour time frame price is in the middle of the range and the 5 ema has crossd below the 55 ema with a lower Bollinger band open and pointing down.
On the 1 hour time frame price is riding down along the 5 ema sharply to the downside and the lower Bollinger band is wide open and pointing down. The 5 ema has nice angle and separation from the 13 ema and both the 5 and 13 ema's have already crossed below the 233 ema. I don't really see much support on this time frame in the way before the weekly M2 at 103.69 so i expect price to keep dropping.
On the 15 minute time frame price has been progressively fibbing its way down and minor areas of support such as the S1 pivot point should cause pullbacks to the upside offering traders opportunities to enter shorts.