By: Doug Rosen
The EUR/JPY has been tanking since last week and has finally reached an area of visual support around 100.90 where I would expect some type of bullish reaction. 100.90 could very well be viewed as a double bottom and lots of buyers await at that level.
On the 4 hour time frame price is working its way back up possible to the 13 or 21 ema to make a fib so that price can continue its way further to the downside.
On the hourly time frame price has made a couple small swings up and is heading up but doesn't have too far it can go with all the resistance above, probably just enough to make a fib to the 55 ema then straight back down.
Finally on the 15 minute time frame price is just consolidating a bit just below the 144 ema and we will see if price continues to climb up or soon starts to continue its dive down.
