EJ - Longs Perhaps?

FX:EURJPY   Euro / Japanese Yen
19 0
Wherever the market goes we go!

----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall

Weekly - The market is in a bullish trend . It hasn't broken the previous s/r structure but it has created a higher high. We are in a position of retracement and price could find either further bearish movements to lower time frame supports or continue the uptrend with support already found + pullback completed. Let's see where we could be heading on the lower time frames.

Daily - Price ended on a strong bearish engulfing after creating a higher high. This happened on a major daily resistance. This is still in retracement - and is expected to begin the bullish extension. However, this can continue to fall and shift the bias to a bearish downtrend move.

4hr - Price has made a series of troughs and most recently made a lower low on a hr support. If price has finally completed the bearish pullback, we could see a double bottom created before the bullish extension begins. If price fails to break the recent 4hr resistance we could see a retracement turned reversal and a bearish move continue.

1hr - Price made a series of higher highs and could find support on the most recent 1hr and 4hr support areas. We could see the bullish movement begin here but to monitor the daily candle finishes around the 4hr resistance.

Entry: 125.6/125.8
Targets: 127.5/128.2
SL: 125.0

Entry: 126.8
Targets: 124.9/124.7
SL: 127.4
Comment: So price didn't reach break or close above the 4hr resistance. The wrong bias on the 4hr and 1hr time-frame. Yes price was making a pullback but the 4hr bias was an overall BEARISH move due to the break of structure and higher low. Furthermore, the value of the demand for the EJ currency was at a much lower price of 124.95 and below. A break and retest of structure would have given us a new entry point to the downside of the market as per below.

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