By Anton Eljwizat – The EUR has dropped significantly versus the Yen in the past 2 weeks, and it is currently traded around 125.40. And now as evident in the data below, the 8-hour chart is giving bullish signals, indicating that EUR/JPY pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the 8-hour chart of the EUR/JPY currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 2: The Slow Stochastic indicates an impending bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Williams Percent Range has peaked near at the -100 marker, which means that there may actually be a strong level of upward pressure.
EUR/JPY 8-Hour Chart
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
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