From EUR/JPY 3 hour chart & technical indicator's all is Bearish at least to end this month of MAY. The PA of this pair has hit the SUPPORT of bet ween 121.680 to 121.711, since April 17th --- THREE TIMES<might be a support area??
I'm going to say---Yes, it is a major support area on this EUR/JPY 3 hour chart.
All EMA's (9,26,50 & 200) are above PA at this time & MAJOR TREND line (green) going down has not been broken to the upside at this time. In my opinion, this pair will continue for next couple of days of trading to be bearish/put side. Just like the three previous hits of around SUPPORT of 121.700(ish) this pair will hit this support early next week. I will be trading this pair Sunday/Monday with the bearish trend related to all MAJOR USD pair's having low volume related to a USD Federal holiday on 5/30/16 (Mon/Memorial Day)- which leaves only 1/2 the normal traders.
Remember: supports & resistance areas, Trends, momentum & round psychological numbers. Trade with Trend!!!
I'm going to say---Yes, it is a major support area on this EUR/JPY 3 hour chart.
All EMA's (9,26,50 & 200) are above PA at this time & MAJOR TREND line (green) going down has not been broken to the upside at this time. In my opinion, this pair will continue for next couple of days of trading to be bearish/put side. Just like the three previous hits of around SUPPORT of 121.700(ish) this pair will hit this support early next week. I will be trading this pair Sunday/Monday with the bearish trend related to all MAJOR USD pair's having low volume related to a USD Federal holiday on 5/30/16 (Mon/Memorial Day)- which leaves only 1/2 the normal traders.
Remember: supports & resistance areas, Trends, momentum & round psychological numbers. Trade with Trend!!!
Comment:
Alot of price action has happened with in the month with this EURJPY pair. All to Bearish side.