theselfishtrader

Bullish Inside Bar breakout

Long
FX:EURJPY   Euro / Japanese Yen
After forming an inside bar pattern at range support ( Daily timeframe ), price is testing the highs of the narrow range candle from last Friday.
I expect a short term bullish move higher with some early resistance provided in the zone between the 38.2% and 50% Fibonacci retracement levels ( Daily timeframe ) and previous support structure at 118.462

Comments

Nice analysis! Now that price is coming close to your TP, what's your next view on this pair?

We are currently still bullish!
Your thoughts?
Reply
@FXCM, thanks for your comment! Re EJ, my predicted resistance/TP level hasnt been hit, so I am still bullish although cautiously so.

Re GBPJPY (going by your pic), in the medium term, I am bullish. Last months candle was a massive pin bar, with the weekly also showing some strength is still in this pair. It's currently consolidating, so the only play's are a buy at the range lows, or at the highs in anticipation of a breakout. I favour the former as it's a lower risk trade and you will soon know if you are wrong. Does that help?
Reply
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