Euro / Japanese YenShort
EURJPY Trend Analysis
On the Monthly chart, We have a bearish engulfing pattern after a small uptrend and since the ADX is sloping down it might act as a reversal signal
On the daily, the chart pattern indicates prices may go down.
If prices don't close the gap then, the bears will have their way to the lower trendline which will act as support and therefore I will sell all the tops symbolized by a bearish candlestick on the 4-hour timeframe and on the daily timeframe. I will ride the bearish momentum until the lower trend line is reached and if it is broken then there will be a breakout of a symmetrical triangle on the monthly timeframe and we will be looking for more bearish moves from there. Soon I will be updating the fundamental analysis after I'm done with the technical analysis of the other pairs. Happy trading guys
On the daily, the chart pattern indicates prices may go down.
If prices don't close the gap then, the bears will have their way to the lower trendline which will act as support and therefore I will sell all the tops symbolized by a bearish candlestick on the 4-hour timeframe and on the daily timeframe. I will ride the bearish momentum until the lower trend line is reached and if it is broken then there will be a breakout of a symmetrical triangle on the monthly timeframe and we will be looking for more bearish moves from there. Soon I will be updating the fundamental analysis after I'm done with the technical analysis of the other pairs. Happy trading guys
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