EUR/JPY Provides Bearish Signals
October 26th, 2009 Posted in FX Education, Tech Analysis
Name: Anton Eljwizat
Email:
The EUR/JPY cross has been experiencing much bullish behavior in the last month. However, there is much technical data that supports a bearish move for today. As I demonstrate below, that the EUR/JPY may very well be heading for a reversal, and it might have the potential of reaching towards 1.3610 in the coming days. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: The Slow Stochastic indicates a bearish cross, which may signal a downward movement is going to occur in the near future.
• Point 2: The MACD indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.
• Point 3: The RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
EUR/JPY Daily Chart
Start trading with Anton Eljwizat now:
Tags: EUR, EUR/JPY, Forex, forex blog, Japanese Yen, MACD, RSI, Slow Stochastic, Technical Analysis, yen
