Kevin_Lomax
Short

EUR/JPY Approaching Support

FX:EURJPY   Euro Fx/Japanese Yen
90 0 3
Starting with daily price has been trading within a down channel for several months. Failed at channel resistance and closed below the 50 period moving average. Price is facing significant support at 126 area, which it has tested multiple times since 2015. Expecting price to test this area, and will be waiting to see if price can break through and continue downwards.

On weekly you can see price failed from long term down trend line , and failed at 20 period moving average. Approaching support, and will look to see to how price reacts to weekly 200 MA.
Comment: Strong bearish candle today. Trade in over 150 pips profit. Price recently broke below 20 day moving average.
Comment: Closed trade out today due to price action
Comment: Great move on the Yen pairs, shorted multiple positions of GBP/JPY and USD/JPY, still running over 2,000 pips
Comment: EUR/JPY has broken through major support. If support tests as resistance, this could be the sign of a major trend continuation. Cheers.
Comment: Price is retesting support and Yen pairs are looking interesting. However, they need significant down moves to be trade-able IMHO.
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