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TheForexGuide

EURJPY H&S Long Term Short

Short
Euro / Japanese Yen (FX:EURJPY)  
TheForexGuide  
FX:EURJPY   Euro / Japanese Yen
Trend Analysis Technical Indicators Chart Patterns EURJPY
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trendanalysis indicator chartpattern eurjpy
EURJPY seems to be at the end of its long term Uptrend, breaking through the ascending trendline forming what seems to be the Head and Shoulders formation. Expecting to retest the neckline, gain some pips to form the Right Shoulder and then drop down at the strong Supply zone. After the price approaches the zone, ONLY CONSIDER YOUR ENTRY if the Volume is high and you whitness a strong rejection - ideally PinBar or at least a 50% rejection candle.

Confluence Factors

Trendline Breakout
Strong Supply Zone
Fibo 50% Resistance
SMA 50 Resistance
Head and Shoulders formation
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