OP247

EURJPY Short

Short
FX:EURJPY   Euro / Japanese Yen
There is a short bat pattern forming for EURJPY on the 4 hour chart, indicating a short-term decline. I would look for this to go down to around 119.42, which is the 0.382 fib retracement. We can see that RSI is close to indicating overbought, so this may rise slightly before we see the drop . CCI is also looking like it will dip below indicating momentum downwards. Elliot wave theory also indicates that after a 5 trend downwards movement, there was a 3 stage upwards movement, giving further evidence that there would be a downtrend.

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