EUR/JPY ANALYSIS

2019-12-05 22:40:21

Hi traders :)
Here are some thoughts about EUR/JPY future price action.
As we can see from the chart, the price has taken a bullish direction after hitting the 02/09/19 bottom. Will this uptrend continue?
To answer this question let s take a wider look. We can see that this recent up trend is only a correction of the wider bearish trend started in February 2018. The pair is actually reaching the 122.60 volumetric level which can act as a support for this recent correction causing the bearish continuation of the main long-term trend. This hypothesis is confirmed by the Stochastic oscillator which is forming an occult divergence, giving another bearish signal. Look at the chart for detail regarding possible entry, stop and targets. Write me in the comments for any questions or thoughts.
Good luck :)