EUR/JPY Downward Breakout Under Way

Doug Rosen

By: Doug Rosen

The EUR/JPY open and spiked a bit to the 38.2 fib of the recent swing down and it was overlapped with the daily 13 ema and all this was enough to send price downward.

EUR/JPY Daily 11/30/11

On the 4 hour time frame price is below the ema's and the 5 ema is crossing below the 13 ema so price is surely heading downward.

EUR/JPY 4 Hour 11/30/11

Moving on to the hourly time frame price action couldn't be more bearish, price is below the ema's and coasting along with them. The weekly central pivot point is at 103.22 and this level should cause a pullback to occur when hit and should make a decent short entry.

EUR/JPY 1 Hour 11/30/11

Moving on to the 15 minute time frame price is also below the ema's and riding them down and it is obvious the EUR/JPY has already made a move down. Based on what I can see this pair is bearish and is most likely not going anywhere but down barring any news announcements that could change that.

EUR/JPY 15 Minute 11/30/11

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.

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