EURJPY has taken a big hit this week, it has been dropping rapidly, however it has reached a major support zone and seems to be being held up due to the bounce it had when price hit the zone.
What we think will happen next depends on the next movement in price, if it breaks above the resistance zone marked on the chart then we will see some bullish movement to...
EURJPY has been travelling in an ascending channel ever since the large drop on all fx pairs, It recently broke out of the channel to the downside and has come back up to retest it.
We expect price to now drop to the -0.27 extension level after testing the descending trend line.
EURJPY has been travelling in an ascending channel ever since the huge drop on the majority of the fx pairs. Not much to be said apart from the doji candle and bottom of the channel has been hit, indicating price will make its way back up to the top of the channel
IF PRICE HITS STL , PRICE WILL MOST LIKELY FOLLOW THE RED LINE.
Once again guys, we have another beautiful set up here.. oh btw, if you don't follow me already.. HIT THAT FOLLOW BUTTON.
Right,Right.. Let's dive into the technicals. We have a nice Bullish run before price reaches that point of resistance where price starts to retrace bearish. As you have probably gathered, my strategy is simple and I would recommend everyone...
Price has been travelling in a large ascending channel, we experienced a fake out to the downside, price made its way back into the channel annd shot up all the way up to the previous resistance point which is quite significant. We saw a major drop the last time we were here, can it happen again down to the bottom of the channel?
We believe so...
EURJPY has been travelling in an ascending channel ever since the extremely sharp drop on nearly all fx pairs, We have recently saw a breakout of this ascending channel to the downside, we are in the process of a retest of the channel now, so expect to see some large moves down unless price moves back into the channel and forms and inside retest.
Our team have identified that Institutional money is flowing into this pair LONG, we entered where we did as we always trade WITH the momentum of the market.
We have identified 3 major take profit zones:
1) +68 (half the position comes off here)
Risk management is KEY and our Stop Loss is strategically placed to avoid stop hunts and to give a...
4h = is an upwards trend.
1H = Is an upwards trend.
TP can be from the region of 126.207 to 126.302
seems like the market price is turning D resistance into support therefore SL is in place to hopefully accommodate.
I will present this opportunity in a simple way and clear!
EUR JPY has been creating HH and LH , from the 3 week of the year. That been said, we simply are applying a ABCD.
Possible C 125.027, where the 61.8 % fib is located
and the possible D 126.372
I hope this that help you guys.
All the best
- I am expecting a minor exhaustion on this pair to retest former resistance level, making it a support.
- Looking for price action confirmation e.g. a bullish engulfing candle before entering long
- Long till 4Hr Zone
Posted this set up last week, however due to technical factors not aligning the trade set-up was cancelled. Following Friday's bullish engulfing closure breaking out of the range-play, Euro now looks set to advance into the 126.000 weekly key region.
The 124.750 highlighted region is looking to give way relatively soon. On Friday we saw a breakout of the counter trendline followed by a retest which managed to hold back above, currently the top highlighted region is providing some strong resistance however, once we do see a strong push to the upside the probability of pushing higher into the target region of...