By: Doug Rosen
The EUR/JPY begins the new week below the weekly 5 ema. Price is spaced below the 5 ema so price may be expected to rise a bit to make contact with the weekly 5 so it can keep heading down. On the daily time frame price is spot on the 5 ema and price seems to be heading up a bit. It could be that price may want to fib its way back up to the 13 ema then continue downward.
On the 4 hour time frame price has broken above an upper trend line and has retested and is now heading up.
On the hourly time frame price has touched the 144 ema and was immediately rejected and pushed back down and has made an hourly swing fib overlapped with a 13 and 55 ema and has bounced back up.
On the 15 minute time frame price has made two fibs to the upside and is riding the 21 ema up and price is just above Friday's high however, price is also approaching the 50.0 fib of the last move down overlapped with a 144 ema so I expect price to reach the level around 103.50 then to start heading down, however, if it breaks that level should go to 103.90 region.