tyler-fx

tyler-fx

EURUSD on the 4h bouncing from highs, simple S+R trade back down to range lows

tyler-fx

Looking at USDJPY on the 4h timeframe we can see a clear trendline bounce with 2 confirmation candles. Low RSI shows a clear oversold making the trendline hard to break. Adding to the support there is the pivot point just on the trendline. Targets towards the top trendline but being cautious of the MA zone that is on the P pivot point acting as resistance.

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The price has bounced off the daily trend line resistance and is a good entry for a down trend continuation. Stop losses just above the trend line / previous high and with take profits at previous low (or lower for 2nd targets)