By: Doug Rosen
Looking at the daily chart for the EUR/JPY it is obvious price has been riding on the 13 and 21 ema's and we are approaching a descending trend line and it does look to me that price wants to bounce up.
Price is bouncing off the 4 hour 55 ema which seems to overlap with the hourly 233 ema at 105.32 as well as the daily M2 at 105.34 .
Price has to come down just a bit more to hit strong support around 105.25 then expect a bounce to take price back up throughout the trading day.
