This is my short term analysis on EURJPY. I missed my entry this morning because I was distracted but this is to show where I believe EURJPY is heading to. Daily liquidity has been taken and market structure has been broken to the upside. I believe this pair will be heading to the double top shown above.
this is the hourly chart on EURJPY and i'm taking this long trade because of several reasons. First of all, we're in a strong supporto zone on the daily chart and we're also creating a nice divergence on the RSI there. Then, if we lower a timefeame (4H), you can see a couple of pinbars (candles with long wick to the bottom) signaling buying pressure ...
Here is what I'm seeing with this pair:
EJ - 4HR
– Breach of 4hr trendline, Expecting Pullback before possibly taking a long
position. Stops placed under previous lows
EJ - Daily
– Failure to break previous support now acting as resistance (Multiple tests)
– Tweezer Bottoms on what would be Wednesday and Thursday (Bullish
– Daily bias would be ...
On D1, after the strong bullish run until the month of May, the market went on sideways which is a typical behavior.
After the false break last June 15 which also formed a bullish engulfing, the market has steadily climb and is continuing to climb since last Friday.
With all the risk events for EUR this week, there is a possibility that the market will go out ...
Monthly - we can see some reasonably bullish price action with the MA's converging to cross. Showing a longer term bullish direction
Weekly - It's the first time in around 12 months that the weekly price action has managed to close above 124.00. Price action is above the MA's; which are crossed to the upside.
Daily - We have had a morning star formation at ...
today i want to share with you this simple consolidation pattern called triangle: it basically consists on one trendline and one horizontal structure level converging at the same level. Price is making lower highs and equal lows. As you can see on the chart above though, price has actually broken to the upside this trendline, also breaking the double ...
this is a Cypher pattern that's almost completing on EURJPY 1H chart. The white line represents a previous structure level very important and in the daily chart the RSI is in oversold condition. Price has also created a nice pinbar on the daily chart as well.
These are the reasons why i'm getting involved with this.
I'm actually taking this one a little ...
here we have a double bottom at a previous structure level on the 4hr (in this case our higher timeframe). The last candle signals also buying pressure, together with RSI divergence. That's enough for me to consider taking this trade.
Stops below the low, first target at the retest of the highs, second target at 618 retracement of the previous move.