By Anton Eljwizat – The pair has recorded much bullish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the 8-hour chart signals that a bearish reversal is imminent, and it might have the potential of reaching towards 111.00 in the coming days. This might be a good opportunity for forex traders to enter the trend at a very early stage and a great entry price.
• Below is the 8-hour chart of the EUR/JPY currency pair.
• The technical indicators used are the Slow Stochastic, Williams Percent Range, and Relative Strength Index (RSI).
• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 3: The Williams Percent Range has peaked near at the 0 marker, which means that there may actually be a strong level of downward pressure.
EUR/JPY 8-Hour Chart
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