Conclusion for today’s EURJPY analysis:
Price closing below ~120.33 suggests an increase in bearish momentum in the EURJPY that should lead to further selling.
EURJPY analysis for today is presented on the Daily time frame with coverage of over 6 years price action. Reason for looking at such longer term range is to highlight the current bullish trendline in the EURJPY that has been established since the week of July 23, 2012.
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The bullish trendline is very crucial to the future development of price action and therefore it is important to pay attention to as price action approaches. A trendline is infact the most important of all chart patterns and its use in providing context for price action cannot be overstated. Other strategies that involve the use of a trendline are available to members or subscribers only. The 50 moving average crossing below its 200 Daily moving average does not bode well for the EURJPY.
Also marked on the chart is the region of immediate support (i.e. 117.865 and 114.751) below the trendline. Price closing below the trendline is bearish for the EURJPY and further selling is implied on a close below 115.141.
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