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EUR/JPY – Down Trend in 4 hours chart

EUR/JPY – Down Trend in 4 hours chart
Wednesday, August 31st, 2016 @ 9:48 pm by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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eur-jpy-4hTrend is bearish in four hours chart. Critical resistance is present at 118.44 price level. The price of EUR/JPY currency pair has moved up and it looks like we are getting a bearish Double Zig Zag Corrective Elliott wave pattern.

As the trend is still down so, it is a good idea to look for a sell trade and join the down trend. However; if market close a bullish candlestick above 118.44 resistance area then bearish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.

 

See the attached screen shot image of EUR/JPY 4 hours chart.

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