Forex: EUR/JPY "sell" with the trend

01.04.2019 / 10:46

Rating:

EUR/JPY

Time frame: H4, H1

Technical Analysis: Once the pair reached support (the white trend line), it headed north. Slowly but gloriously, she managed to make a correction up to 38.2% on Fibonacci, and at this point on a 4 hour chart it can be seen that the price has reached 50 EMA. If we take a smaller time frame (H1), we can see that the price has reached 200 EMA. At present, 38.2% of Fibonacci 50 EMAs and 200 EMAs play a role of strong resistance. From here, sales would be more likely.

Indicators: The price is below 50 EMA on H4, and it plays a role of resistance

The price is below 200 EMA on H1, and it plays a role of strong resistance.

DeM- On both time frames are in over-bought values, which supports the "sell" scenario.

Entry into Deal: From current levels.

SL: 125.10

Alternative scenario: If the price breaks and holds above the above mentioned resistances, it will continue to rise to 125.20

Trader Milko Zashev

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Forex: EUR/JPY "sell" with the trend

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