EURJPY Short Term Forecast Update And Follow Up

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EURJPY Short Term Forecast And Technical Analysis

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 Short Term Forecast Update And Follow Up

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 Short Term Forecast Update And Follow Up

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.

EURJPY Short Term Forecast Update And Follow Up

 

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 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.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

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If you have any further questions, don’t hesitate to drop a comment below!

 

Yours to your success

Vladimir Ribakov

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