long1996

EJ Weekly Analysis

FX:EURJPY   Euro / Japanese Yen
Weekly: After bouncing off major support at 125, the pair has broken above major resistance at 132. Following that, the pair has formed a doji , indicating indecision of the market. More confirmation is needed on the lower TF.
Daily: On the daily chart , we can see that the pair has found resistance on 133 level and started to retrace downwards as it form a small top. Following that, it has push lower and found support at 131.25 level as it formed a Hammer candlestick . Rather than interpreting it as a rejection for further upside, I see it as a signal for further consolidation as seen from the weekly doji formation. More confirmation is needed from the lower TF.

Things to lookout for: Wait for the pair to play out. If the pair managed to make a sustained break above 132, it will be exposed to the upside at 133. Alternatively, a rejection on 132 level will signify further downside target at 131 level.
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