Eur/jpy has failed to make a higher high and rejection off the parallel line in a long term down trend. It is currently consolidating at S/R of the previous leg down on lower time frames and the .75 parallel.
Watch for rejection off .75 parallel. Short if eur/jpy fails to hold above 129.618 in the purple box.
Entry could be rejection of S/R off the high or low of the purple box. Several possible targets are on the pink dotted lines. There is very little support of the previous leg up on the daily. I'm expecting to retest previous recent lows.
Watch for rejection off .75 parallel. Short if eur/jpy fails to hold above 129.618 in the purple box.
Entry could be rejection of S/R off the high or low of the purple box. Several possible targets are on the pink dotted lines. There is very little support of the previous leg up on the daily. I'm expecting to retest previous recent lows.