Based on my personal view. The EURJPY pair presents an enticing opportunity for traders considering long positions, as recent price movements and technical indicators suggest a favourable setup for potential upside.
1) Reacted from the Breaker Block:
EURJPY recently exhibited a notable reaction from a breaker block. This occurrence signals the strength of support at this level, indicating potential buying interest from market participants. For traders seeking long positions, the bounce off the breaker block serves as a confirmation of bullish sentiment and provides a strategic entry point.
2) Rejected from 61.8% Fibonacci Retracement:
Furthermore, the pair encountered resistance at the 61.8% Fibonacci retracement level, which is also a POI level for the end of wave 4 of the Elliott Wave. This rejection suggests that it could be the end of the wave 4 retracement. However, the fact that EURJPY bounced off the breaker block indicates underlying bullish pressure, potentially leading to a breakout above the Fibonacci retracement level in the near future. Traders considering long positions should monitor price action closely for signs of a breakout above this key resistance level.
3) Potential Wave 5 Upside Movement to 161.8% Extension:
Looking ahead, EURJPY shows promising signs of a potential wave 5 movement to the upside, targeting the 161.8% Fibonacci extension level. For traders entering long positions, this projection presents an attractive profit target, offering a clear objective for maximizing gains. As wave 5 often represents the final leg of the trend, traders can capitalize on the momentum generated by this bullish wave to ride the trend for maximum profitability.
In summary, EURJPY presents an enticing opportunity for traders seeking long positions, with the recent bounce off the breaker block and rejection from the 61.8% Fibonacci retracement level providing strategic entry points. Additionally, the potential for a wave 5 movement to the upside offers a clear profit target for maximizing gains. Traders should exercise caution and implement proper risk management strategies while capitalizing on this favourable setup for long positions.
1) Reacted from the Breaker Block:
EURJPY recently exhibited a notable reaction from a breaker block. This occurrence signals the strength of support at this level, indicating potential buying interest from market participants. For traders seeking long positions, the bounce off the breaker block serves as a confirmation of bullish sentiment and provides a strategic entry point.
2) Rejected from 61.8% Fibonacci Retracement:
Furthermore, the pair encountered resistance at the 61.8% Fibonacci retracement level, which is also a POI level for the end of wave 4 of the Elliott Wave. This rejection suggests that it could be the end of the wave 4 retracement. However, the fact that EURJPY bounced off the breaker block indicates underlying bullish pressure, potentially leading to a breakout above the Fibonacci retracement level in the near future. Traders considering long positions should monitor price action closely for signs of a breakout above this key resistance level.
3) Potential Wave 5 Upside Movement to 161.8% Extension:
Looking ahead, EURJPY shows promising signs of a potential wave 5 movement to the upside, targeting the 161.8% Fibonacci extension level. For traders entering long positions, this projection presents an attractive profit target, offering a clear objective for maximizing gains. As wave 5 often represents the final leg of the trend, traders can capitalize on the momentum generated by this bullish wave to ride the trend for maximum profitability.
In summary, EURJPY presents an enticing opportunity for traders seeking long positions, with the recent bounce off the breaker block and rejection from the 61.8% Fibonacci retracement level providing strategic entry points. Additionally, the potential for a wave 5 movement to the upside offers a clear profit target for maximizing gains. Traders should exercise caution and implement proper risk management strategies while capitalizing on this favourable setup for long positions.