EURJPY has been fairly predictable thus far but its latest down move has thrown two possible moves into play.
Refer to my EURJPY short @ ~134.500 to see what I mean.
The down move isn't as strong as I'd like it to be. So I believe there could be a final reversal back up to ~134.900 which would complete a Gartley. Of course, it is a bit early to suggest that this will occur.
The Gartley is a .618 retracement followed by a .786 retracement. There is then a push to the 1.27 extension of the major trend (trend within a trend).
If price rallies to the ~134.900 area, consider a short from the supply zone indicated (red dashed lines).
A 20-pip risk is probably wise here. The reward is a profit target of 133.000 for 190 pips. You may have to hold the trade for a while but it could be worth it.
This is obviously just a possibility. The original EURJPY analysis is still in play right now from ~134.500.
The demand zone @ ~134.040 has been penetrated already so it is more like that it'll be broken soon.
If the Gartley does form, it provides a third chance for traders to get in on the down trend if they missed the original drop out of the triangle or the test of the resistance area.
EURJPY looks headed to 130.000 again but it is taking its sweet time. Stay tuned.
Refer to my EURJPY short @ ~134.500 to see what I mean.
The down move isn't as strong as I'd like it to be. So I believe there could be a final reversal back up to ~134.900 which would complete a Gartley. Of course, it is a bit early to suggest that this will occur.
The Gartley is a .618 retracement followed by a .786 retracement. There is then a push to the 1.27 extension of the major trend (trend within a trend).
If price rallies to the ~134.900 area, consider a short from the supply zone indicated (red dashed lines).
A 20-pip risk is probably wise here. The reward is a profit target of 133.000 for 190 pips. You may have to hold the trade for a while but it could be worth it.
This is obviously just a possibility. The original EURJPY analysis is still in play right now from ~134.500.
The demand zone @ ~134.040 has been penetrated already so it is more like that it'll be broken soon.
If the Gartley does form, it provides a third chance for traders to get in on the down trend if they missed the original drop out of the triangle or the test of the resistance area.
EURJPY looks headed to 130.000 again but it is taking its sweet time. Stay tuned.
