EUR/JPY possible short play

FX:EURJPY   Euro / Japanese Yen
56 0
On the weekly chart, I see a potential long term fib play to the downside forming, however we must not ignore the fact price has created a new higher high (a bullish formation).

With this in mind I have zoomed in on the 4 hour chart to produce the above chart. Price had been consolidating within a wedge formation after touching a longer term fibonacci level, we then witnessed price break below this wedge formation after forming connective lower highs. The previous lower high formed on a retracment of this wedge alongside the 50% fib level and 50ema (highlighted) a bearish engulfing candle formed from these levels.

I know believe price could descend further, targeting 120.685. I will be looking for entry on the previous low based on the hourly chart and will update accordingly on Instagram!


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out