We can see here on the daily that the EUR/JPY pair is looking at a nice set up for a continuation of it's recent break-out.
After forming something of a bottom it has broken out above previous resistance then pulled back making it new support.
We also have a lovely text book Pinbar candle that's wick crosses over the previous resistance (now support). This tells us that the new support is quite strong and there is more buying on the horizon.
Full disclosure, I am waiting for a stronger signal on the 1 hour to get an entry. I would like to see the 1 hour chart start to break-out again from here.
The RSI is also starting to trend up showing more strength to our bullish bias.
I am bullish on this but I am waiting for more confirmation before I pull the trigger.
I'm not a pro and I'm not suggesting you buy or sell. Just sharing my observations and making myself accountable!
Enjoy and trade smart!
JWB
After forming something of a bottom it has broken out above previous resistance then pulled back making it new support.
We also have a lovely text book Pinbar candle that's wick crosses over the previous resistance (now support). This tells us that the new support is quite strong and there is more buying on the horizon.
Full disclosure, I am waiting for a stronger signal on the 1 hour to get an entry. I would like to see the 1 hour chart start to break-out again from here.
The RSI is also starting to trend up showing more strength to our bullish bias.
I am bullish on this but I am waiting for more confirmation before I pull the trigger.
I'm not a pro and I'm not suggesting you buy or sell. Just sharing my observations and making myself accountable!
Enjoy and trade smart!
JWB