EUR/JPY Technical Analysis

• Bearish momentum
• We can see the stronger bearish pressure
• Yen is getting stronger
• The drop below M L3 signals continuation

1. Low point
2. Order block
3. Swing low
4. Swing high
5. Gravestone Doji

The price is bearish. Yen is getting stronger. Don’t forget the basics.

Yen strength

1.100% risk off sentiment

2.Gold up

3.Commodities prices down

4.Equities down

5.Yen strengthens as a result

At this point the market has established the Gravestone Doji variant 2. Expectation is that the EUR/JPY will reject lower below M L3. The entry is 130.60. Targets are 130.13 and 129.08. The daily bearish close below the M L3 will give additional momentum to bears.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad