By; Doug Rosen
Yesterday was an exceptionally weak day for the EUR/JPY. Only a 37 pip day for this pair. Last few trading days we have been in a tight range and not really going anywhere. On the daily time frame I can only say that price is still below the 5 ema and about 50 pips above visual support that won't be broken so easy. Stochastics is also in the oversold zone.
On the 4 hour time frame I have price in a small range trap but it is in the center of the trap. The 5 and 13 ema's are braided together and the 21 is soaring down either to join the mess or will push price down further.
On the 1 hour and 15 minute time frames price is in a very tight range and i mean tight. At the time I am writing this analysis the previous 4 hour candle only had a range of 13 pips, the hourly just 4 pips and the 15 minute only 2 pips. Based on the recent trend I would remain bearish for this pair and just wait for signs of bearish price action to consider shorts otherwise for today this is a do nothing pair.
