EUR/JPY Look Ahead for week starting 11/24/19

The Euro Yen is in a long-term Bear Market with price trading above the 50 week ema which is below the 200 week ema which is trading below the 800 ema. The 50 week ema is currently down trending, but price has bounced up to test the 30 ema. This is a currency pair that should be traded from the short side. A long-term down trend line has turn price back down, with long candle wicks testing above the trend line, and increasing the likelihood of continuing the down trend.

The Pair is transitioning from an upwards Correction in a Long Term Bear Market on the daily, with price below the 50 ema, which is below the 200 ema which is below the 800 ema. There is an multi-day M-Top at the long-term down-trend, and a level one formation that is currently trading down to a level two formation. Long term, price should push a couple times down to the lower trend line.

The Pair is trading back down after a Bear Market Rally on the 4 hour, with the 50 ema getting ready to move back under the 200 ema. The 800 ema did a nice job of containing price on the upside, reinforcing the long-term down-trend line. Next week will likely be a continuation of down-trend after the weekend into a consolidation Mid-Week, with the support at 119.249 being tested and taken out. The pair is setting up for a multi-week sell-off below 116, back to the bottom trend line.

This is my EUR/JPY look ahead for my own trading purposes. FOREX trading involves risk. Feel free to comment, but trade off of this post at your own peril.