FullTimeTrader
Short

EURJPY-bearish shark at key resistance area

FX:EURJPY   Euro Fx/Japanese Yen
579 5 8
This pair is bouncing from a strong resistance area visible at W1 chart.
snapshot


We can see a bearish shark already completed. The price reacted well to the PRZ forming an engulfing bearish candle.

Some other confluence reasons.

- bouncing on D1 EMA 200
- long term trendline support
- long term horizontal resistance
- round level 1.35000 near the PRZ
- double bollinger correction (not shown)
- engulfing bearish candle
- bearish shark

Best regards
Hi fulltimeprotrader,

similar idea posted 30mins ago.
nice to be on the same boat as you.

EURJPY BEARISH ENGULFING CONFIRMATION
Reply
FullTimeTrader PriceActionTrading
hello, yes, i saw the pattern on friday but the market was choppy then, i wanted to confirm it first. The engulfing bearish candle is the confirmation i was waiting for.
best regards
+1 Reply
PriceActionTrading FullTimeTrader
All the best to you too. Looking for 50% of the pattern or H1 50SMA rejection before entering.
Reply
FullTimeTrader PriceActionTrading
The 0.50 or 0.61 fib retracement of last candle is a good strategy for a better R/R ratio
Reply
PriceActionTrading FullTimeTrader
Yes definitely. the 50% or 61.8% does coincide with my H1 50SMA. so yea. more confluence
H1
snapshot
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