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Guest Commentary: Sell EUR/JPY on Bounce Against the Highs

Guest Commentary: Sell EUR/JPY on Bounce Against the Highs

2013-05-23 18:00:00
Eric Morera, Technical Strategist

EURJPY has been in an end diagional wave large degree wave (5) of ((3)) which we feel is complete since there was a break of the up trendline and the wave (( a )) decline from 133.80 appears to be a 5 wave impulse thus we think the wave (( b )) bounce can be sold against the highs. We would like using one of our favorite indicators the stochastic rsi in the 4 hr timeframe to determine whether or not this move lower is a trap.

We would like to see the stochastic rsi indicators %K & %D lines at the high end of the indicator window when prices are testing the underside of the broken up trend line before we commit to selling for at least one leg lower in the pair.

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