Hi Traders! EURJPY short term forecast update and follow up is here. On March 25th I shared this “Technical Analysis – EURJPY Short Term Forecast“. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available! In this post lets do a recap of this setup and see how it has developed now.
EURJPY H4 (4 Hours) Chart Analysis
Bullish Channel, Important Resistance Zone, Bearish Divergence
EURJPY H1 (1 Hour) Chart Analysis
Bearish Divergence, Strong Resistance Zone. Until this resistance zone holds my short term view remains bearish here, if the price moves lower and breaks below the low at 119.508 (marked in blue line) it would then open the door for the bears.
EURJPY H1 Chart Current Scenario
Based on the above mentioned multi-timeframe analysis my short term view was bearish here and I mentioned that “Until this resistance zone holds my short term view remains bearish here, if the price moves lower and breaks below the low at 119.508 (marked in blue line) it would then open the door for the bears”. The price didn’t move lower and break below the low at 119.508 as expected instead it moved higher reached the resistance zone again and created one more false break. We already have a bearish divergence, then the price moved lower and broke below the low at 120.105 thus creating lower lows, which we may consider as an evidence of bearish pressure. Currently it looks like a retrace is happening, my view remains the same here, until the resistance zone holds my short term view remains bearish in this pair.
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