EURJPY All Technicals Explained

13 apr 2020

Wow. There are so many interesting things going on here from a technical analysis perspective.

First of all, EURJPY has been inside an ascending triangle. This is usually a bullish pattern. The price closed right on the edge near the bottom support trendline, but then as soon as the markets opened it looked like the price was going to adhere to the triangle.

However, soon after a huge spike downwards broke through the bottom support trendline of the triangle and immediately a strong downtrend was observed.

Now the price is at the .618 fib retracement and has to make another decision. Will it bounce back up now and continue its uptrend? Or will it come back down and test more serious fib levels such as the .786.

Even though the price has dropped a lot recently, I still am bearish here and don't see any technicals to say there is a reversal coming. I am still bearish and expect the price to drop further.

There is a bit of support on the .618 from prices earlier around 6th and 7th of April, so we can wait first to see if the prices drop below that. If they do, I think we can expect a longer downturn.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

13 apr 2020

Trade attivo

Wow! The price broke through that fib retracement like a rocket. The strong downtrend continues, and we are now active in our trade. Let's see how this plays out.