As predicted earlier, the Yen’s increase began to be limited. The market has begun to assume that the prices of currency pairs, especially those related to the Yen, have begun to be overpriced.
Selling sentiment on the EUR-JPY pair was strongly resisted at the start of trading today. After opening in the range of 122.65, the Euro gained momentum and experienced a rise of 78 pips (until this article was revealed).
Correction of the bearish trend is also experienced by the USD-JPY pair. The increase experienced by the USD-JPY pair was recorded at 56pips.
GBP-JPY also experiences conditions that are not much different. The consolidation experienced by the pair since morning has brought a price increase of 81pips.
EJ Trading Plan in US Session
After moving up from the daily support level S1 (122.53), the price of EJ continues to creep up to pass the pivot and R1. The beginning of the US session, EJ is still moving limited in the price range of pivot (123.22) and R2 (123.43). EJ’s strength began to weaken and appeared to try to rise several times to test R2 but fell again.
In the American session, it seems that EJ will again try to climb up and try to break R3 (123.58), but if R3 is impenetrable, it is likely that prices will again fall and form a sideway pattern.