EUR/JPY Watching for Re-Visit to Yesterdays High

By: Doug Rosen

The correlation between this pair and the EUR/USD is very strong and therefore both pairs as well as their charts are looking very similar to me. On the daily chart price has came back up and has kissed the daily 5 ema and now price has permission to continue its bearish move to the downside.

EUR/JPY Daily Chart 10/5/11

On the 4 hour chart the 21 ema appears to be in control, looking at the 1 hour it appears price wants to continue to the upside a bit longer, I think it can go back up to 102.75 area which is in the vicinity of yesterdays high then should continue its way back down.

EUR/JPY 1 Hour Chart 10/5/11

 

EUR/JPY 15 Minute Chart 10/5/11

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.