EJ (Shorts & Longs)

FX:EURJPY   Euro / Japanese Yen
10 0
Wherever the market goes we go!

----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall

Weekly - there is an uptrend bias on the weekly time-frame- No break close or touch of nearest/recent structure. Price looks to have made a higher high. So it's possible to look for minor pullbacks or an extension to the resistance and then some pullback moves before we see further highs been created.

Daily - price action has reached the daily resistance and has also created a higher high. As per the weekly bias, there is an uptrend bias on this time-frame, and we should now see a pull back before continuing further longs on the market. Also to support this (on the daily time-frame) price has completed the fib extensions to the 61.8 level implying some selling pressure is expected.

4hr - price also confirming the same bullish bias as per other time-frames. We are expecting a pull back to the last two previous 4hr support zones. If price breaks below 125.6 or even worse the 124.9 zone we could see a trend reversal and a sell bias come into play. But for now these are the targets for pullback shorts

1hr - as per 4hr time-frame.

Entry: 126.5
Target: 125.6/124.9
SL: 127.2

Entry: 125.6/124.9
Target: 126.5/127.5
SL: 125.1/124.5

Price reacted from the daily resistance - creating several touches and not being able to break it finally came down to the first 4hr support. With the bank holiday commencing across Europe on Friday and European Flash PMI fundamental news releases on Thursday price action was very slow at the beginning of the trading week before gaining significant traction as we head into a 4-day weekend.
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