Are you seeing what I’m seeing? It appears that EUR/JPY is showing some signs of bearishness! The pair just recently formed a bearish candle after making not one, not two, not three, but four dojis. This, along with the overbought Stochastic, seems to indicate that EUR/JPY is about to sell-off again. Watch this pair carefully folks, as it could fall back down again to test the bottom of the huge descending wedge formation.
Range traders, unite! USD/JPY is currently finding resistance at the top of the range, and with the Stochastic showing that conditions are overbought, I have reason to suspect that the pair could move lower once again. If the 94.00 major psychological handle holds, we’ll likely see the pair drop and test former support at 92.20.
Oh my, it looks like USD/CHF bulls are in for a big battle with the bears soon! As you can see from the chart above, the pair is fast approaching a major falling trend line. What makes the falling trend line resistance even stronger is that it seems to also line up nicely with the .9300 major psychological level. The Stochastic confirms this bearish view, as it indicates that the pair is almost overbought. This suggests that bulls could be running out of steam.
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.
Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.