EUR/JPY Heading Down

Doug Rosen

By: Doug Rosen

I will start with the EUR/JPY today's daily chart.  Price fibbed the other day and overlapped with the 233 ema and has been dropping since.  The 5 ema looks as though it wants to rollover and cross below the 13 and stochastics is pointing down.

 EUR/JPY Daily Analysis, November 3, 2011

Moving on to the 4 hour monthly pivot chart price has just busted below the central pivot at 106.88 and the 5 ema is pushing price downward.  The stochastic is in the oversold zone but looks like it wants to cross down from within the oversold zone, a very bearish indication.

 EUR/JPY 4hour Analysis, November 3, 2011

On to the hourly weekly pivot chart price is trying to break the central pivot at 106.70 and the 5 ema is laying heavy on price and the lower Bollinger band is pointing down. 

 EUR/JPY 1hour Analysis, November 3, 2011

Finally, on the 15 minute daily pivot chart price has dropped below the S1 at 106.83 and the 5 ema has crossed below the 13 and pushing price downward.

 EUR/JPY 15minute Analysis, November 3, 2011

The next area I expect a reaction will be the M1 at 106.59.  The lower Bollinger band is beginning to open up and stochastics is pointing down, I expect a bearish day for this pair.

 

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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