coondawg71

Euro Yen Looking for a base to go Long; EURJPY

FX:EURJPY   Euro / Japanese Yen
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This pair has finally escaped the downward pressure from the price action created in January of this year. Price has surpassed the 7.0 deviation which is a very strong point for change in trend as is 14. This chart may be a little intimidating but it is offered us some great information. The energy that was released by escaping this element of time from the downward pressure has been realized in the price bar from yesterday and I imagine it can resume again come next week. Short term traders may put some pressure on this pair in the near future sending it down to 135.71 which would be a nice entry for bulls. Price action in this current wave of energy is very young. Current price is attempting to close above the 90 period LSMA which is a nice sign for bulls, but the 7 period has yet to confirm by closing above this level. So it will be much safer when the 7 period and 30 period LSMA's have closed above the 90. That would surely be a green light for bulls. Conversely if the 7 crosses and closes below the 30 in next weeks price action and we have Daily closing below 135.71, I would seriously entertain a bearish sentiment.
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