EURJPY is ready to drop after pullback from bottom.
After .618% correction from bottom and firm a nice flag, EURJPY break the flag and ready to goes down again.
Trade safe guys.
Trade safe.
Short Position has taken. Price broke a demand zone in 4H timeframe and it did a pullback.
It is a Short-term bearish target. The tp is the next demand zone.
R/R = 1:1.63
Here on the yen we have a Bearish ABCD Pattern. Price Rocketed up to the completion point. now we will be keeping an eye out for what the RSI will do we are looking for a test of the 50 line and then return to the extreme. when it does we enter when the RSI is on its way out of the extreme again!
Looking at EURJPY price broke out of the Ascending channel impulsively and made a Bear flag confirming the momentum to the downside
looking for reentry on this pair as a scalein opportunity to take the trade to the downside
The Euro has lost strength vs the Dollar and the Yen.
It has arrived the zone which I think could be the next turning level.
On the upside (129) it´s swing trend level and on the downside it´s the fib retracement 61.8% of downgoing fib at 123.
If the price falls even beyond this zone the EW-analysis would be wrong (because 4 can´t be lower than 1).
To confirm this...
YEN pairs seem to be showing the possibility to strengthen considerably against all majors.
Technically speaking, EUR, GBP & USD all fade against the all mighty YEN.
This can only mean one thing: risk-off period. Bears coming out again for another dip.
EUR/JPY Technicals:
- Larger degree correction still leaves room for more down-side.
- Ending Diagonal...
