By: Doug Rosen
Today with the EUR/JPY pair I start out with the daily chart and I notice it looks a lot like the EUR/USD pair, but then again, the correlation between the two said pairs has always been strong. Stochastics has been in the oversold zone and is now crossing out and the daily 5 ema is rolling over with the angle and seperation between the 5 and 13 ema diminishing. Price looks as though it is rolling over to the upside. Looking at my naked charts (charts with no indicators) across multiple timeframes it appears price has broken through my trend lines. Pivot Points: Price is just on the weekly central pivot amd just above the daily M2 and heading up toward the daily central pivot. We need to break the daily central to take off tot he upside. On the 4 hour price has bounced off from in between the 38.2 and 50.0 fib levels of the recent swing up and this level overlaps with the 4 hour 13 and 21 a most logical area to have a bounce.
On the hourly chart price is on top of the hourly 144 ema overlapped with the weekly central pivot as well as bouncing off the 15 minute 144 ema it is very possible this pair may soon see itself in a bullish move to the upside.
Price is also riding up my 15 minute trend line and this line appears to be getting lots of respect.