forexlyfeanalysis

EUR/JPY SHORT & BEAR PLAY

Short
OANDA:EURJPY   Euro / Japanese Yen
EUR/JPY still looks bearish on the bigger TFs like the Daily and weekly after the breakout of the ascending trendline and retest, however price is creating a similar ascending channel on the 4 hr TF with a final leg of the impulse wave setting up a completion in confluence with the resistance zone and 200 ema . Price could go either way but I would prefer to see price play out the short possibility of a break & retest of the ascending trendline and see price head back to the downside for a new lower low on the daily timeframe if we see price below the 123.600 zone. It's worth to note EJ is creating LH & LL on the daily TF.

Comments