The EUR has dropped significantly versus the JPY in the past several days, and is currently traded around 111.55. And now as evident in the data below, the 4 hour chart is giving bullish signals, indicating that EUR/JPY pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the 4-hour chart of the EUR/JPY currency pair.
• Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 3: The Williams Percent Ranges is showing that this pair is heavily over-sold and may be experiencing strong upward pressure.
EUR/JPY 4-Hour Chart