EURJPY correction inc; RSI/BBAND/STOCH/HAIKEN ASHIInstructions:
1) The Relative Strength Index (RSI) shows that the asset is temporarily overbought/oversold, suggesting a possible trend reversal.
2) Bollinger Bands indicator shows that the asset is currently in an upper/lower resistance/support zone.
3) The Forex Stochastic Oscillator (Stoch) helps identify buy and sell moments based on comparing the current price with the price range over a specific time frame.
4) In addition, I use Heiken Ashi candles, which help to see the trend in a smoother and smoother way.
Intervals:
D1:
.
1) RSI above the 70 level
2) Price is at the Bollinger band
3) Stoch above the 80 level (while, there is still no dominance of the sell line - red)
4) Haiken Ashi still candle color green - we can wait
H4:
1) RSI above the level of 70
2) Price is on the Bollinger band
3) Stoch above 80 and the red sell line is dominant
4) Haiken Ashi still candle color green - we can wait
Conclusions:
Based on the analysis of RSI, Bollinger Bands, Stoch and Heiken Ashi candles, it seems that the EURJPY asset may be at a turning point. On the other hand, it is still worth waiting for stronger confirmation of weakness.
Stop Lose:
Under the top of the Bollinger band +10/15pips. SL will be set at breakeven after a 10/15pips rise.
