Support - S1 : 129.757 | S2 : 129.418 | S3 : 129.175
Resistance - R1 : 130.339 | R2 : 130.582 | R3 : 130.921
Main Trend - Bearish
Intraday Trend - Bearish
Studying the forex technical analysis on 4H chart for the exchange rate EURJPY, we will observe that the price move below EMA(50) and EMA(200) which have a downward cross between them. At the same time, price remains within the upper channel of Andrew's Pitchfork. Also, price finds support from the lower side of the daily channel.
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:
4H Chart
The area 129.910 – 130.118 is a neutral zone.
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 130.350, 130.640, 130.870, 131.260, 131.500, 131.880.
Bearish scenario: If price moves downwards and close below the neutral zone, then the downward trading targets will be: 129.600, 129.000, 128.600, 128.000.
1H Chart
The area 130.017 – 130.094 is a neutral zone.
Bullish scenario: If price moves upwards and close above the neutral zone, then the upward trading targets will be: 130.340, 130.500, 130.650, 130.775, 131.000.
There are Bullish Harmonic Patterns on Daily chart: 3 Drives and on the 4H chart: 1.272xAB=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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