Forex Technical Analysis, EUR/JPY Daily Forecast June 8, 2016
Technical Analysis – The EUR/JPY pair initially tried to rally during the day here on Tuesday, but found far too much resistance to continue going higher. That being the case, we ended up forming a shooting star which of course is a negative sign. On this chart, I also have the 50 day exponential moving average, which has offered quite a bit of dynamic resistance, and is just above the top of the shooting star that form during the day. At this point, it looks as if the market is ready to reach down towards the 120 level again.
In Other View Point –Chart is messed up
Based upon my technical skills there are three scenarios first is Gartley pattern where price should revers somewhere between 61.8 and 78.6 fibb extension and move down second is harmonic move (blue arrows) finishing at 127 extension third is big bat pattern and short opportunity at fibonacci confluence