By: Doug Rosen
The EUR/JPY appears very bullish today. Yesterday's close printed a higher low. I expect to see price continue to head up to the daily 55 ema around 105.48 It appears that the 5 ema wants to cross above the 13 ema.
Moving on to the 4 hour time frame the 5 ema looks like it wants to cross above the 13 and 21 ema's but price is up against the 4 hour 144 ema which will not be penetrated without a fight. Even if the 144 is breached the 233 ema and the monthly central pivot as well as the upper Bollinger band all overlap each other around 105.02 There will be plenty of sellers waiting at that area. If price was to break that area to the upside then it will need to break 105.36 and if it does it will head up most likely to 106.29
On the hourly time frame price is at a reverse fib zone at this moment at the 61.8 level around 104.48 and the upper Bollinger band is wide open and pointing up as price rides the 5 ema upside. The reverse fib does not appear to be getting much respect so I anticipate bullish price action until 105.00
On the 15 minute time frame price is riding the ema's upside and has already blown through the 233 ema, a very bullish indication that price will most likely continue to rise. Watch out around 105.00
