EURJPY Bullish Idea
Weekly Trend: Bullish
With Large Bullish Flag
Daily Trend: Bullish
Price action pushing toward upper flag
4hour Trend: Bullish (Current Chart)
Trade scenario 1: Price action has been overall bullish on EJ on the higher timeframes. We can see that on the weekly timeframe, price action has been bouncing within what looks like a very large bullish flag.
This suggests price action will continue higher on a macro level but we need to find what is more accessible to us for the week ahead.
On the 4hour we can see price action is a bit overextended and needs to form structure. Look for a structure forming higher low above 130.650 support to enter long on.
Trade scenario 2: For us to consider EJ bearish we would need to see a lower high below 130.650 support.
Weekly Trend: Bullish
With Large Bullish Flag
Daily Trend: Bullish
Price action pushing toward upper flag
4hour Trend: Bullish (Current Chart)
Trade scenario 1: Price action has been overall bullish on EJ on the higher timeframes. We can see that on the weekly timeframe, price action has been bouncing within what looks like a very large bullish flag.
This suggests price action will continue higher on a macro level but we need to find what is more accessible to us for the week ahead.
On the 4hour we can see price action is a bit overextended and needs to form structure. Look for a structure forming higher low above 130.650 support to enter long on.
Trade scenario 2: For us to consider EJ bearish we would need to see a lower high below 130.650 support.