Watch for a Trend Continuation While the Price is Below 121.36

Watch for a Trend Continuation While the Price is Below 121.36

Dear Traders,

The EUR/JPY, popular “Yuppy” has formed a zig-zag downtrend, and we can see a retracement straight towards the POC zone.

Rejections from 121.10-36 could show fresh sellers within the zone. However, we should see a confirmation in the next couple of hours. On a successful rejection, the pair should reach 120.81 followed by 121.47 and 120.15. On a powerful bearish impulse, we could also see 119.92. At this point, the upside is limited to 121.60, but as explained, ideally the pair needs to stay below 121.36 for bears to dominate.

P.S. Check out MYFXbook performance for the last 8 months on a  verified LIVE account. Each trader and “mentor” should disclose his/her trading results publicly from time to time. Transparency is the key for a mutual trust.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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.