Eur/Jpy has broken overall uptrend structure on higher timeframes so dropping to the 2 hour time frame and measuring key levels with fibs isnt a bad idea. This past week the 114.000 level has been holding firm as a resistance point for this structure which happens to be our 50% retracement level for our last swing high.
* Weekly resistance still stands firm at 115.000
* We can have a potential ABCD pattern if our fib key levels hold. My target is the 27% extention level as monthly support holds just below and the 161.8 extention level. Major confluence!
HAPPY TRADING
* Weekly resistance still stands firm at 115.000
* We can have a potential ABCD pattern if our fib key levels hold. My target is the 27% extention level as monthly support holds just below and the 161.8 extention level. Major confluence!
HAPPY TRADING
Trade active:
Rejection of 50% fib level !! Looking great
Trade closed: stop reached