I've been pushing the EURJPY sell signal for some time now. Right now, it looks like the trend is ending especially from a price action stand point. Looking at the daily chart, the second last trading day of last week ended off in a doji. Both the upper and lower tails are relatively the same size. Of course, it will appear to be in a ranging pattern on a lower time frame. However, the daily time frame produces quite a bit of valuable information.
As mentioned earlier, the second last trading day of last week ended off in a doji. The last trading day ended off in a doji as well actually. In other words, it appears to be two days of indecision. Keep in mind a smaller push down is still very likely, but there is a long term reversal in play as well. The price is nearing a support zone. The Euro has been heavily oversold, but the Yen may face even further devaluation.
I have also mentioned that this pair has been in a range rather than a trend. As of the moment, the price is nearing the lower bound of the range and so another reason for a likely reversal as well.
