By: Doug Rosen
The EUR/JPY just like some of the other pairs tanked yesterday and fell so hard for so early in the week the weekly candle fell a distance from the 5 ema.
On the daily time frame price is also a little ways from the daily 5 ema and price is sitting right on the Bollinger band and the stochastics is entering the oversold zone so I am watching for retracements back up to the 5 ema.
On the 4 hour time frame price rose up to the 5 ema and was immediately rejected and has been tanking ever since. When price falls and hits 102.50 I will expect to see some bullish price action since the 102.50 is last month's low and was recently rejected so I think if price touches that level it will be recognized as a double bottom and will offer an opportunity for a decent long.
Moving on to the hourly time frame the 13 ema has caught up with price and wants to push it down.
On the 15 minute time frame is currently in a range trying to decide if it wants to fall further down or start making its way back up. If price reaches 102.48 I will be watching for longs. If it breaks below then I will wait for a retracement and short it down.