$EURJPY Going Down Like the Titanic

30 Jul 2018

I don't normally look at non-USD pairs, but I was asked for my opinion on this pair on Twitter. Price is trading under the 200 SMA, and the 5 EMA has crossed below the 10 EMA. If I were a Magic 8 Ball, I'd say all signs point to bearish. 127, 125, and 122 are all potential support levels so even entering late can still provide at least a 1:1 risk versus reward ratio. I am not getting involved in this pair since it is not in my trading plan, but there is some opportunity here to either enter now and ride down to a support level, or wait for a bounce off a support level and enter on the next EMA cross after the bounce.