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.
I am trading on a small account, documenting my progress. This is not intended to be a signal!
Break of H4 Trend Line to test support at 124.000. Expeting a retest of lower trend line structre along with fib level 0.382 were we have our first take profit. Take profit 2 extended to our next fib level at 0.618 at 125.500.
Sell at CMP - 124.250
EURJPY has been travelling in an ascending channel ever since the large drop on all fx pairs.Price is currently at the top of the channel and is also inbetween the 0.50 -0.618 retracement zones which is a golden reversal point.
SL AND TPS are marked out on the chart above ,Potential reversal scenarios are also marked out above. If price breaks out above the...
I can see a continuation of the bearish trend after a retracement to the 25 EMA due to the RSI being too low.
To support my prediction, I have the bearish trend coming off from a resistance found in the daily timeframe.
The stop-loss has been positioned with respect to the previous consolidation region. An ambitious target price was chosen short of a support...
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
EURJPY is now at resistance. Gonna be waiting for confirms strictly with price action.
Otherwise, we will be long to the next zone.
Building my trading journal I will be more committed to posting trades and actually entering trades. I had been struggling with my mental thinking when trading but I have built a strong trading plan now! Follow...
Currently have what looks like a retracement on the downtrend with EURJPY, up to the 50% zone. It is also sitting around a support / resistance at this level too, there is the potential for a head and shoulders pattern to complete, with indicators showing the bull power slowly running out. This could start the final leg of the right shoulder. I will be waiting for...
We have a potential Head and Shoulders pattern forming on this pair, with the right shoulder forming and ending at around the monthly support of 131.000 level. This would coincide with a large demand area for the pair to then turn bullish and begin climbing to the upside. If it breaks the daily pivot level of 132.665 and closes under it I will look at shorting...
Currently rejecting 0.382 Fib level at 132.213 and I think this level is going to hold, potential short with an entry around 132.000 and if price holds out past daily trendline then this pair could continue to melt down to 130.400 area.
Currently EURJPY is sitting in a wedge on a 4 hourly chart, had a bit of a fakeout last night with it breaking and re-entering the wedge. I will be sitting patiently to see where this heads as I will want it to break out of the wedge clearly and begin shifting strongly in a direction before I make any moves on this pair.
i've decided to use two different charts so that you can understand my process of reasoning. On the left hand side of your screen there's the daily chart on EURJPY and the uptrend is crystal-clear. However, we know that price usually doesn't move straight up or down, instead it creates retracements along the way. So this is obviously a counter trend...
Hey guys, this is the 1hr chart on EURJPY. As usual my analysis starts from higher timeframe, where you may see RSI is in overbought condition, and price action is now testing a key level of structure looking left. With that being the case, i want to seek for short opportunities on lower timeframes such as 4hr and 1hr.
On the hourly you can see a nice double top...
Confluences are on the chart.
Confirmed downtrend with lower highs and lower lows
Looking like its reversing into 5th wave
MA crossover on 4hr TF
Rejection of long term trend line with tweezers forming on the daily TF
My tip is wait for the daily to close as a doji or spinning top. Stops above previous spike (122.090)