Eur/Jpy

In spite of the recent momentous volatility on this market, it was able to check any bearish attempts on it. The price moved upwards by 115 pips on Monday, resulting in a Bullish Confirmation Pattern which portends a bullish bias

This currency instrument has been able to retain its northward outlook despite all. However, it is advisable not to take a position until the signal becomes clearer. The RSI period 14 may cross back above the level 50 to support a northward outlook; or the price may cross the EMA 56 to the downside to jeopardize the northward outlook

There is no vivid gap on this currency instrument, but it is more likely that it would go in the way of most JPY pairs. The RSI period 14 is above the level 50 and the EMA 11 is above the EMA 56; plus price action, it is more likely that the price would trend upwards.

This trading instrument closed at 134.34 on Friday, during a minor southward correction in the price. In the presence of the strong bullish outlook in the market, it is normal that the supply zone at 135.00 would be challenged very soon. There is a demand zone at 134.00

The EURJPY is trading below the supply zone of 133.50. The next target is at the demand zone of 133.00. The immediate barriers to any rallies are at the supply zones of 134.00 and 134.50.

The situation on this currency trading instrument requires some tact right now. There is some uncertainty here: the RSI period 14 is below the level 50, while the price threatens to break the EMA 50 to the downside, and close below it. Should this happen and should the price close below the aforementioned EMA, short trades would be preferred.

This cross , which gave a bearish signal following the gap-down that occurred at the beginning of this week, has encountered a scenario which makes it not sensible to go short until there is a clearer signal (whether in favor of the bears and the bulls

This currency instrument is still bearish in outlook. As it has happened recently, any rally in the market is a shorting opportunity. This time around, there is another opportunity to sell at 132.50

The EURJPY is now in a bullish retracement, and there is a supply level at 132.00. The near-term target for the bears is at the demand level of 131.00; which could possibly be breached to the downside, should selling pressure resume (which could halt the current rally in the price)

The JPY pairs are currently in a bullish mode, and that is what would likely be the bias for this week. On this very cross, the EMA 11 has crossed the EMA 56 to the upside and the RSI period 14 has also crossed the level 50 to the upside. The price is gallivanting towards the north.