EUR/JPY has been BULLISH since July of 2023 so its abrave man (or a fool) who calls the top on this particular pair.
That said the current wave of BUYING started earlier this month and there are clear signs that EUR/JPY BULLS are taking a breather.
The SELL signal line of the Andean Oscillator is rising and the green buy line is crossing south over the signal line indicating an increasing BEARISH influence.
MACD is mirroring this and also crossing south and the RSI on H1 which has been overbought for sometime is also heading south.
So all the technical indicators would suggest we're headed south from these levels.
However.
The 25 50 100 and 200 EMA's are all below price so EUR/JPY BEARS will have their work cut out to drive the price lower.
This trade will have to be carefully managed and exited if there are signs of support coming in.
There's no more scheduled news now until next week so once the markets have digested the green numbers of the Unemployment Claims and Flash Manufacturing PMI then whatever direction we 're going in should last for some time.
That said the current wave of BUYING started earlier this month and there are clear signs that EUR/JPY BULLS are taking a breather.
The SELL signal line of the Andean Oscillator is rising and the green buy line is crossing south over the signal line indicating an increasing BEARISH influence.
MACD is mirroring this and also crossing south and the RSI on H1 which has been overbought for sometime is also heading south.
So all the technical indicators would suggest we're headed south from these levels.
However.
The 25 50 100 and 200 EMA's are all below price so EUR/JPY BEARS will have their work cut out to drive the price lower.
This trade will have to be carefully managed and exited if there are signs of support coming in.
There's no more scheduled news now until next week so once the markets have digested the green numbers of the Unemployment Claims and Flash Manufacturing PMI then whatever direction we 're going in should last for some time.
Trade active:
We've just hit WR1 on this pair and this has seen EUR/JPY bears jump opn board and drive the price down.
The new STOP level is above the high at 163.62
The new STOP level is above the high at 163.62
Trade active:
STOP 163.80