EURJPY on the monthly chart has approached the monthly descending trend line.
Market has been in a descending trend inside a descending channel from Jan 2018 till it created a double bottom on a monthly structure.
On the weekly chart the market in June broke and retested the channel with a retracement till the 0.5 fib level before continuing the uptrend move.
Now we can expect the market to bounce between the weekly support and the monthly trend line with some false break out happen.
Only at a clear break of the trend line we could look for a long position, on the other hand if the market will. clearly break below the weekly structure we could look for a short position.
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Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Market has been in a descending trend inside a descending channel from Jan 2018 till it created a double bottom on a monthly structure.
On the weekly chart the market in June broke and retested the channel with a retracement till the 0.5 fib level before continuing the uptrend move.
Now we can expect the market to bounce between the weekly support and the monthly trend line with some false break out happen.
Only at a clear break of the trend line we could look for a long position, on the other hand if the market will. clearly break below the weekly structure we could look for a short position.
–––––
Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.