Hi Traders! EURJPY short term forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
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EURJPY H1(1 Hour) Chart Analysis – Bearish Convergence
On the H1 chart, we have a bearish divergence that has formed between the first high that has formed at 177.423 and the second high that has formed at 178.212 based on the MACD indicator. The price then moved lower and broke below the last low at 177.609 thus forming a classical setup of bearish divergence followed by bearish convergence, we may consider this as evidence of bearish pressure. As per the book scenario after a bearish convergence we may expect corrections and then further continuation lower. Also, currently there are no signs opposing this short term bearish view. We may now move down to lower timeframe and see if we can find evidences supporting this short term bearish view.
EURJPY M15(15 Mins) Chart Analysis – Strong Bearish Momentum, Two Key Resistance Zones
On the M15 chart, we have a strong bearish momentum and also currently there are no signs opposing this short term bearish view. So everything looks good for the bears here as well. In addition to this, we have two key resistance zones that has formed based on the volume profile zones of the KTLI indicator and the Triple B Pro pivot levels. Until both these key resistance zones shown in the image below (marked in yellow) holds my short term view remains bearish here and I expect the price to move lower further after retraces.
Technical Analysis & Forecast Summary
EURJPY H4(4 Hour) Chart Analysis
- Bearish Convergence
EURJPY M15(15 Mins) Chart Analysis
- Strong Bearish Momentum, Two Key Resistance Zones
Trading Tips
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
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