Forex Technical Analysis of EURJPY for November 16, 2015 | Forex Signals Market
Sunday, November 15, 2015

Forex Technical Analysis of EURJPY for November 16, 2015

Support                             -   S1 : 131.533 | S2 : 131.012 | S3 : 130.474
Resistance                         -   R1 : 132.592 | R2 : 133.130 | R3 : 133.651
Main Trend                       -   Bearish
Intraday Trend                 -   Neutral

Trying to describe the 4H chart of forex technical analysis for the exchange rate EURJPY we have to say that price moves within the upper channel of Andrew's Pitchfork and at the same time is below EMA(50) and EMA(200).

Considering all the details from the charts of forex technical analysis we can detect all critical levels and trading targets for H1 and H4 timeframes:

Forex Technical Analysis

4H Chart


The area 131.950  – 132.215   is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 132.735, 133.150, 133.675, 133.900, 134.265, 134.760, 135.000, 135.500.

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 131.450, 131.200, 130.650, 130,270, 130.000, 129.700.

1H Chart


The area 131.821 – 131.917  is a neutral zone.

Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 132.260, 132.360, 132.500, 132.740, 133.100, 133.270.
Forex Technical Analysis

Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 131.540, 131.440, 131.100, 130.600.

There is a bullish Harmonic Pattern on Daily chart: .886xAB=CD.

Using the above elements of forex technical analysis, everyone can plan his own personal forex trading strategy. We note the need to use stop-loss levels.

You agree with our estimates? If you have another point of view, you can write your opinion in comments.

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