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

This article was originally posted on FX Empire

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