We have an inverted head and shoulder formation, + break and retest of previous zone + hammer formation.
I expect this to rise massively, risk to reward ratio is very good on this setup!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=122.4.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=122.2.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
JPY has continued to gain strength which can be seen across the market inc the indexes.
EURJPY has come back below a descending trend line which price had been respecting since 12/06/19 and which bears broke on 17/06/19.
Price is now respecting support at 121.890 - 121.070 found on 4h. I will be waiting for bears to break this zone with a retest in the zone,...