UPDATE FROM YESTERDAYS TRADE:
After the sell off this morning EUR/JPY is re testing its 4h trend line which came into play yesterday, fresh lows of 133.90 but failure to close at these levels show potential further downside to my target of 133.50.
RSI is still holding its downwards trend, plus Ichimoku shows that we've had a cloud crossover as well as a TK crossover - both of which are pointing to further downside. Saying that I am skeptical about this signal as the Chickou-span still stays within price as well as being within the previous cloud (giving me the impression that price could potentially hold in this area), a clear close below the 4h trend line and a continuation of RSI/MACD showing further downside will encourage me that my target is still within range.
A break into oversold territory will add further momentum to the downwards move, the close of this latest 4h candle will be critical again.
After the sell off this morning EUR/JPY is re testing its 4h trend line which came into play yesterday, fresh lows of 133.90 but failure to close at these levels show potential further downside to my target of 133.50.
RSI is still holding its downwards trend, plus Ichimoku shows that we've had a cloud crossover as well as a TK crossover - both of which are pointing to further downside. Saying that I am skeptical about this signal as the Chickou-span still stays within price as well as being within the previous cloud (giving me the impression that price could potentially hold in this area), a clear close below the 4h trend line and a continuation of RSI/MACD showing further downside will encourage me that my target is still within range.
A break into oversold territory will add further momentum to the downwards move, the close of this latest 4h candle will be critical again.
