Last week of trading for EURJPY Weekly chart, showed strong bearish control. In face last three weeks have in a down trend. (Note) If you ever would like if a PAIR is trending, change from candlestick charts to HEIKIN ASHI, which informs you strength of current trend. From the body and wicks/shadows of last RED HA candle, SUPPORT of around 122.500 has been broken decisively, with current PA at 120.304.
There is really know S/R area's noted on the EURJPY weekly chart until 110.000 area (see right red arrow in yellow). In my opinion ALL pairs with JPY in them will be bearish for remainder of this 2016 year. If you do weekly trades, this pair is strong for continuation of bearish trend. If you are doing shorter time frames on 1 day or less, go by what you are seeing when trading. Search for chart reversal patterns, trends, S/R areas and make trades based on technical factors and price action. Have a great week trading. Price Action & Money management are always keys!!
There is really know S/R area's noted on the EURJPY weekly chart until 110.000 area (see right red arrow in yellow). In my opinion ALL pairs with JPY in them will be bearish for remainder of this 2016 year. If you do weekly trades, this pair is strong for continuation of bearish trend. If you are doing shorter time frames on 1 day or less, go by what you are seeing when trading. Search for chart reversal patterns, trends, S/R areas and make trades based on technical factors and price action. Have a great week trading. Price Action & Money management are always keys!!