Financial market is one of the most interesting things in this life, how the day to day transaction of buyers, sellers and investors are represented in candlesticks and pattern. The interesting part in this is being a Financial market enthusiast either in the Forex world or Cryptocurrency, the ability to analyze and forecast the movement of the market has help investors, countries, business to know what's going on in the financial market.
Enough of the long talk, I am a Forex and Crypto trader(mostly day trader and futures), you can call me phenomenal . Today I will be starting off my daily analysis of the market by analysing the EUR/JPY charts today using simple technical Analysis.
I have been following the EUR/JPY movement since last week and I saw it break a trend line and move up to a new high, but as we all know the market can't just range without reversing or making new movement, the market started falling and the bears got in control at the middle of last week. The market is currently finding it's way back to a support level at the trend line it broke and probably break the support to go down more.
This is how the EUR/JPY looks like in Daily Timeframe, it's show how the market is gradually making it way down, to the trend line in blue that it broke out from. Let's look at more timeframe to see the market movement clearly.
This is the 4hrs timeframe and it shows how the market is bearish mode but it shows more details of the market retracing to the support level it broke yesterday. This is very important in the market, looking at lower timeframes to check more details is very important for entries and confirmation. Let's look at more lower timeframes.
This is the 30mins timeframe and it clearly shows more details of the retracement happening in the market, it shows how the market is moving in a trend line, and trying to reach the 141.030 level before moving downward and probably breaking out to continue it's bearish movement.
If you are a investor or trader you show be looking for how to make a sell trade here, because the market will be going down more throughout this week, This is not a financial advise, just my opinion backed with technical Analysis
Thank you for reading, I will love to see you comment and opinion or suggestions on which currency pair or token I should analyze for you, thank you once again, see you in my next post.