Wednesday, April 15, 2009

EUR JPY Price moving about a key trendline

eur jpy 240 mins

EUR Yen 240 mins chart

As i have labelled on the chart itself, price action for the past few candles has been moving about the trendline, a small close beneath it, pullback above, a candle wick below etc. Now, if we do see a sustained close beneath the line (two bars closing below it) then it would open much deeper downsides over the coming few days. Remember if we have rallied over 15% since the rally began, and it may be on its last leg with the bulls exhausting their energy and looking to book profits.