EUR/JPY: 4-hour
Are you a fan of momentum plays? Then you should definitely have a look at this trend line bounce on EUR/JPY’s 4-hour forex time frame. Price has already tested the falling trend line resistance and is poised to head lower, possibly making its way down to the previous lows. That’s still a little more than a hundred pips to go from its current level and who knows if EUR/JPY might even break below 135.50 to create new lows? Stochastic is moving lower anyway, indicating that euro bears have enough energy to push the pair down. Just make sure you set your stops right if you’re planning to catch what’s left of the potential drop!
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