EUR/JPY Heading Up

Doug Rosen

By: Doug Rosen

I start my analysis for this pair today with the daily chart. Price has kicked off from the overlap of the 13 and 55 ema's. All the signs I see for this pair is bullish.

EUR/JPY Daily Chart - November 2, 2011

Moving on to the 4 hour monthly pivot chart price has bounced off the central pivot at 106.88 which overlaps with a 55 ema, however, we must beware of the 13 and 21 ema's just a bit above price action for this will be dynamic resistance.

EUR/JPY 4 Hour Chart - November 2, 2011

On to the hourly weekly pivot chart I can see that the stochastic is in the trade zone pointing up and the 5 ema is crossing through the 13 ema but once again, on this chart the 55 ema is just above price and the M3 is just a bit above that at 107.68 and this overlap can slow us down. If we bust this area the next area of concern would be the 108.12 level which is last week's high.

EUR/JPY Hourly Chart - November 2, 2011

Finally, on to the 15 minute daily pivot chart price looks like it wants to ride the 5 ema, however, the 144 ema is just above price action and just above that is the 233 ema with the central pivot just above that at 107.67 so we have a lot of junk in the trunk standing in the way but if we can break that area we should be good until at least 108.25 area.

EUR/JPY 15 minute chart - November 2, 2011

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.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.