EUR/JPY Continues on its Bullish Path

Doug Rosen

By: Doug Rosen

I will skip the weekly chart for this pair once again. The weekly doesn't really tell me anything new. As I have said before, this pair looks just like the EUR/USD and it should because they are very closely correlated. The USD/JPY is very range bound at this time so we can expect this pair to follow suit with the EUR/USD. This pair has also broken a trend line but is coming into contact with a falling upper Bollinger Band so that could be a bit of a problem. I would like to see that Bollinger Band open a bit to the upside.

Moving over to the 4 hour chart I see that price is riding the 5 ema upward but we are having some resistance at 104.95 which is last month's high. The 4 hour upper Bollinger band is open and pointing up however and the 4 hour 144 has been pierced. Looks like the 5 ema can push price up through last month's high and price can just keep going from there.



Zooming into the 1 hour chart I see that price is riding the 21 ema up as well. Price is fighting a bit with the weekly M4 and the upper Bollinger Band on the hourly chart is not open as of yet, however, the stochastics is at the bottom of the trade zone and the hourly 21 is pointing up and I do believe it can help give price the push it needs to continue upward.


Finally, looking at the 15 minute chart I see that price is riding the 55 ema but getting a bit of resistance from the daily M3 but based on the angle and separation of the ema's I am confident that this pair can keep hiking up.

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.

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