Based on my technical analysis I have identified potential selling opportunities for the EUR/JPY pair.
The analysis is based on the daily time frame where I have observed a break of structure. This break coincides with an important institutional round number at 158.300 which adds significance to the potential selling setup.
Additionally on the 4-hour timeframe I have identified a bearish order block.
This pattern indicates a potential area of supply where sellers may regain control of the market. Combining this with the break of structure and institutional round number it strengthens the probability of a bearish move.
Furthermore I have taken into consideration the diagonal trends on the same 4-hour timeframe. The market is currently retesting the descending diagonal resistance after experiencing a sell-off.
This indicates that the previous intended upside structure has been shattered suggesting a shift in market sentiment towards the downside.
Overall considering the break of structure, institutional round number, bearish order block, and the diagonal trends I have identified multiple confluences that support a potential sell setup for the EUR/JPY pair.
It is important to closely monitor price action and adhere to proper risk management techniques when executing trades based on this analysis.
The analysis is based on the daily time frame where I have observed a break of structure. This break coincides with an important institutional round number at 158.300 which adds significance to the potential selling setup.
Additionally on the 4-hour timeframe I have identified a bearish order block.
This pattern indicates a potential area of supply where sellers may regain control of the market. Combining this with the break of structure and institutional round number it strengthens the probability of a bearish move.
Furthermore I have taken into consideration the diagonal trends on the same 4-hour timeframe. The market is currently retesting the descending diagonal resistance after experiencing a sell-off.
This indicates that the previous intended upside structure has been shattered suggesting a shift in market sentiment towards the downside.
Overall considering the break of structure, institutional round number, bearish order block, and the diagonal trends I have identified multiple confluences that support a potential sell setup for the EUR/JPY pair.
It is important to closely monitor price action and adhere to proper risk management techniques when executing trades based on this analysis.
Trade closed: target reached