*Quick technical analysis of the EURJPY price chart*
Happy Monday everyone! I am starting this week with a quick chart analysis of the EURJPY FX currency pair. I will start with a list of confluences showing why I am currently shorting this currency pair and will be looking to continue to short the Euro over the next few days and weeks.
Weekly Timeframe Chart – Price is below the weekly 50 ema. Bearish candle closure last week.
Daily Timeframe Chart – Price is below the daily 50 ema. Multiple lower highs and lower lows are being made. Clear down trend.
1 Hour Timeframe Chart – Bullish trendline broken last week. Multiple lower highs and lower lows. Price is below the 1hr 50 ema.
You can see the 1hr timeframe chart above with my 2 current short position entries. From a simple perspective, it is clear to see this FX currency pair is in a downtrend on this timeframe and the EURO is struggling to gain against the Yen.
We have seen a lot of negative economic data coming out for the Euro recently and I believe this will continue over the next few weeks.
The chart above shows my next price are of interest. I will be looking to continue to sell on the pullbacks to the 1hr 50 ema and any previous resistance zones. The daily pivot level is also quite a nice place to look for resistance and trade reversals form there on a daily basis.
As always, my analysis and trading is done via the fantastic TradingView platform which is completely cloud based and excellent value for money.
You can look at the analysis for my first short entry and track this trade live on the TradingView platform by clicking on the link below.
DISCLAIMER: None of the information posted on this site is to be considered investment/financial advice. Trading is high risk and you should only trade with money you can afford to lose.