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EUR/JPY Analysis 8/12/19

Over the past couple weeks we have seen JPY pairs drop heavily. I see that trend continuing.
On the 4hr chart: We see a bearish channel that is fairly strong. Using the trend line (black) we see multiple touches to attempt to break but that never happened. By looking at it with just the trend line, one would think it needs to come up and retest again. By looking at the Ray (Red line) we see that the price was broken from a tested price back in January 2019 (Elipse). That would be a support line that was broken. I feel we will see it come up to the price again since it broke (118.611) and then reject back down to continue the sell opportunity.

The Daily chart: We will see there was a massive Double top on the daily and our next major price points to sell too. The Neckline (Black line would be a good price as a take profit and if it breaks, we see a daily support back from 2012 that could be tested.

Michael Franz

Michael Franz is the beginner’s educator. He specializes in teaching the basics and making sure students have the knowledge they need to understand what happens in Advanced Technical Analysis.