By: Doug Rosen
Yesterday the EUR/JPY nearly made touchdown with the 100.90 support area I have been pointing out for a couple months.
On the 4 hour time frame I can see that price has been consolidating and more than likely trying to decide which way it wants to go. This pair probably wants to retrace up now that it has landed on support so I will just watch for a series of higher highs and higher lows and catch a higher low to take a long for this pair. Price is however still under the ema's so I would need to see price rollover to the upside of the ema's then retrace back then I would look to go long. If price does not show signs of higher highs and lows and starts to continue its way down then I will just look to keep shorting this pair.
On the hourly time frame this pair is still below the 55 ema and on the 15 minute still below the 233 ema. A break and retest above the hourly 55 ema would definitely put me in a long for this pair.
