I am anticipating a break above the light blue marked zone followed by a re-test of the structure for continued buys. I will remain patient until we get a clear direction on this pair as for the moment it is rather uncertain.
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EURJPY Sell Analysis: EJ has been in a downtrend since early 2014. On the 5th June 2020 we saw the pair make a new Lower High. Ever since then we have seen bearish movement towards a new lower low.
On the 5th June, I saw the following conditions which makes me believe price is heading towards a new lower low;
-Descending Weekly Trend Line - 2nd Touch
Inverse Head and Shoulders Bottom Formed on 4HR after Bullish move, signalling continuation if pattern completes.
Right Shoulder formed, I have built up a CTS Score of 5 as follows:
RSI Divergence - 1 CTS
Shoulders both at Major Structure. (3+Tests on DAILY TF) - 2 CTS
Shoulders both at Minor Structure. (3+Tests on 1HR TF) - 1 CTS
Looking at EN pushing higher to grab liquidity stop out some sellers.
My confluences are
- Structure break
- Institutional candle
- Institutional level
- Fib kill zone
Looking at an overall bearish picture but still good for atleast 100 pips in my opinion. Give these type of trades out all the time in my discord channel, click the link in my profile to...
Looking at the daily chart you can see price breaking structure, waiting for price to break the support level and wait for conformation before entering the trade. Use a lower time frame for better entry. Always look left! As you can see marked up (green circle) a nice area where price once was, this is the area I’m targeting if I get in this trade.
£ Good luck