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Dec 11, 2022 10:44 PM

EURJPY 4hour Analysis December 11th, 2022 Short

Euro Fx/Japanese YenFXCM

Description

EURJPY Bearish Idea

Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish

Trade scenario 1: We are looking bearish overall but we still need to see a few things before we can confirm more downside movement.

Ideally price action continues bearish and proves so by breaking 143.000 support. Look for a confirmed lower high below to enter short.

Trade scenario 2: If we are to see EJ as bullish again we would need to see quite a bit happen. We would need to first break the descending channel and 145.000 resistance.

If we spot structure above we are confidently bullish on this timeframe.
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