EURJPY Buy - Entry- 126.755 SL- 126.086 TP- 128.762 NOTE - Please do your own analysis before taking this trade. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks.
EURJPY cuts down the uptrend line. At the same time, the price broke through the resistance zone at 161.89.
Currently, the price is recovering to backtest the resistance zone.
At this point we can consider entering 2 orders
#1 SELL
SL: 163,047
TP: 158,414 about the 50% zone of Fibonaci
#2 SELL
Stoploss: 163,047
Takeprofit: 155,490 about 76% of Fibonaci
#3...
EURJPY has sold off on the day with terrible PMIs and that plays into the BoJ and ECB narrowing of the divergence theme as well. Looking for an area to short from.
Eurjpy Pattern into Pattern Formation
if we see in w1 so in that time frame we has a rising wedge
and if we see in day1 so we hv a ascending channel
and if we see in H4 so we have a another rising wedge
EURJPY is currently facing bullish pressure from 1st support level which coincides with 61.8% fibonacci retracement. Prices might push up towards 1st resistance which coincides with 61.8% fibonacci extension and 127.2% fibonacci retracement. If prices fall through 1st support level, prices might pullback to 2nd support which coincides with 61.8% fibonacci...
eurjpy is in a consolidation and we may see the prie come back down for a retracement today. Prefect for scalps. So the key is going to be to pay attention to the lower time frame market structure and if momentum comes back in for shorts.
EURJPY is still trending downward and I am still holding position. still watching the 128.50 area for reversal. This area I will be looking to flip my position.
![EURJPY: EURJPY Analysis [12th December 2019]](https://s3.tradingview.com/m/mIiQqHg2_mid.png "EURJPY Analysis [12th December 2019]")
