Weekly Technical Analysis Report 13 May – Bearish play seen on EURJPY
May 14, 2022
Weekly Technical Analysis Report 13 May – Bearish play seen on EURJPY
1. This week’s outlook on EURJPY: Bearish play seen
On the Monthly time frame, prices are currently testing a key resistance area and the failure to break and close above the monthly resistance suggest a possible reversal. On the H4 time frame, a pullback to the resistance zone at 136.882, in line with the 1.272% Fibonacci extension and and 78.6% Fibonacci retracement presents an opportunity to play the drop. Ichimoku cloud and moving average is showing signs of bearish momentum as well, in line with our bearish bias.
Outlook on EURJPY: Bearish play seen by Salzworth
