Forex Technical Analysis, EUR/JPY Daily Forecast June 2, 2016
Technical Analysis – The EUR/JPY pair fell significantly during the course of the session on Wednesday, but found enough support near the 122 level to turn things back around. Ultimately, there is a significant amount of support just below that area, so it’s very unlikely that the market can break down easily, but we may eventually do so. If we drop below the 121.50 level, the market looks very likely to reach down towards the 120 handle. Rallies at this point in time will more than likely offer selling opportunities on short-term charts and signs of exhaustion.
In Other View Point – EURJPY Buy Oppertunity & A Pending Bearish Gartley
After a sharp move to the down price is now in a corrective structure in EURJPY. In this correction we already have an impulsive upmove representing the AB leg of a pending bearish gartley followed by a smaller correction representing BC leg. Although the main trade of this market is the gartley, we have a great opportunity to go long catching the formation of the final CD leg.