EUR/JPY Bearish Impulse is Stronger Due to Gravestone Doji

EUR/JPY Technical Analysis

  • Bearish momentum
  • We can see the stronger bearish pressure
  • Yen is getting stronger
  • The drop below M L3 signals continuation

  1. Low point
  2. Order block
  3. Swing low
  4. Swing high
  5. Gravestone Doji

The price is bearish. Yen is getting stronger. Don’t forget the basics.

Yen strength

1.100% risk off sentiment

2.Gold up

3.Commodities prices down

4.Equities down

5.Yen strengthens as a result

At this point the market has established the Gravestone Doji variant 2. Expectation is that the EUR/JPY will reject lower below M L3. The entry is 130.60. Targets are 130.13 and 129.08. The daily bearish close below the M L3 will give additional momentum to bears.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.