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Short

EJ - Bearish?

FX:EURJPY   Euro / Japanese Yen
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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
----> R:R Min 1

Weekly - price action hasn't broken the previous high and so thus is still with a bearish bias. We must note that a wide double bottom of price action on weekly support was recently formed two weeks ago. Lets see the lower time frames on a firmer bias for the week.



Daily - price action is determining a bullish bias with price breaking previous high after creating a double bottom on the weekly support area . Price action and recent daily dojis suggest a pullback before continuing the uptrend. Note that price hasn't reached the previous support/resistance structure. However we need to determine this on the lower timeframe.



4hr - price action shows a bearish engulfing after a touch and close below of the previous resistance. Although price is in a bullish trend it has created a series of touches on the resistance line providing a downtrend possibility. Pullback bias in the daily uptrend is still a current bias but what will the 1hr timeframe confirm?



1hr - price action as broken a previous structure of HL/LL and now could possibly be a downtrend bias overall. For a downtrend bias to occur, price will need to bounce of the 1hr resistance and break the 4hr support below. For the continuation of the bullish uptrend, price action will form a 3rd touch on the 4hr support before close above and continuing upwards hopefully breaking the 4hr resistance.



Targets set at 4hr resistance of 126.1 before trading the pullback. However, a bearish bias will see targets at daily support of 123.7.
Comment: Entries at 125.5 for bias to downside, 124.9 for uptrend bias.
Comment: Price action determined a strong support at the 124.95 zone. Upon reflection - all time frames determined an uptrend bias and all that was required was the pullback completion and longs to the upside. Our initial target was exceeded and the market accelerated to the daily resistance. Similar to GJ, price didn't close and break below that 124.95 support and also created a tweezer bottom - a sign of buyers entering the market for long trades to execute.
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