FX:EURJPY Euro Fx/Japanese Yen
Last week I viewed the as indicating accumulation of EUR over JPY. Stepping back a bit it looks like the market is rather looking to go short. My arguments for this are as follows using the Weekly chart:
- We reached a market top with strong climax buying. As for my evaluation of the USDJPY it looks as if the market is accumulating JPY https://s3.amazonaws.com/tradingview/a/AGrp7wX1_171_121.png
- The down moves are showing signs of strength and increasing with the pull backs on no demand candles.
- The lines are all pointing down on the weekly chart with the angle increasing indicating increasing .
- We have reached a key resistance are at 120 with strong going into this area.
- We have just broken a wedge form on the going into this resistance area.
- We are at the bottom of the and a break of this would indicate a strong move down.
- The weekly 50 and 200 have just crossed down.
- The "TDI" short, medium and longer term sentiment is below 50% and moving down since 2013 but has still not reached the oversold region on the "TDI".
- We have just moved through the 50% fib level of the previous up move