04-Hour Chart
(CLICK ON THE CHART TO ENLARGE IT)# Dailies favour a bearish move: 62EMA worked as resistance on March 12th, the close of March 14th is outside a symmetrical triangle and MACD is below its zero reference line and pointing down.
# 04-Hour chart also favours the bearish: break major support at 155.53 that worked as a double-bottom (March 11th and 13th) and is the 23,60% fibo of down move 166.68 to 152.06.
My points are:
## SELL break 155.10 with STOP 155.55 and 1st LIMIT at 152.80 and last LIMIT at 152.10. Watch for support at 154.10. It might be wise to close half position there, move STOP to 155.00 and same LIMITS at 152.90 and 152.10
But we also have to consider that the EUR/JPY did a 230-pip move last Friday so a false breakout of bottom line of this symmetrical triangle is feasible. In this case my points for LONG are:
## BUY break and wait for a pullback to 155.55 with STOP at 155.25 and LIMIT at 157.00. Watch for next major resistance at 156.00. Add lots at the break of it.
