Eur jpy and gbp jpy up trend my reverse soon ~ forex auto trading robot software
Hi, I haven’t written for some time. I want to post more often this month and I will try to be more disciplined from now on. Today I want to pay your attention to eur/jpy chart. Looking from a technical point of view it looks like the pair has run its’ course and will reverse its’ trend soon.
Let us look at a daily chart first. You can clearly see that the pair has recently visited a very important level of resistance 111.42 that had been previously visited on the 30th of October last year. The pair collapsed from that level. Another technical reason for a reversal is that RSI on daily chart reached overbought level and there is also a divergence on the indicator now.
Another reason is that the pair has been running up violently since the 15th of January when it found its’ bottom. For me, that looks like a major counter trend move that is about to finish. These moves that go against the prevailing trend are usually very sharp, but short lived. And it is very good to watch for those turn around points just in order for you to be able to jump back into the market when it starts going where it has to.
