eur jpy did fall from 15 min supply shown on previous analysis however it pulled a fakey maybe due to obvious sl levels but nonetheless price followed through.
price then created two 4hr/1hr supply zones and i am waiting for price to retrace back to new supply.
Price closed below the daily 200EMA and 4HR 200EMA and is below the daily pivot point. Expecting price to continue in the downtrend Weekly S1 which is also the physiological level at 8800 and potentially on to S2 at 8740. Watch for a potential retrace back to Weekly Pivot and 55EMA if price fails to break lower than 8850.
Short at 8850 with TP1 at...
Between 3rd Sept and 5th Sept, price failed to make to a higher high, while macd displace a lower high signalling bearish divergence. Expecting a move down to the 200EMA, Weekly S1, 75 fib at 1.057. Would look to re-evaluate price once it reaches this zone to see if price continue up or drop lower.
Short at 1.065 with a target of 1.057 and then...
Price currently retracing to the 17.50 which is the 200EMA, Daily S2/Weekly S1 and 68.5 fib level. Expecting a bounce up off these levels and move to between Daily R3/Weekly R1 at 19.20.
Long at 17.50 with target at the top of Weekly R1 at 19.20.
Price is currently setting up a new trendline and is expected to retrace back to this line at around 1.22 which is also the 38 Fib, Weekly Price Pivot and 4HR 55EMA, before continuing upwards to weekly R2 at 1.238. Expecting a triangle formation with initial resistance at Weekly R2/Daily R1.
Long at 1.22 with an initial TP at 1.245.