Will EUR/JPY continue to the downside? Trend continuation idea
This pair broke a key structure level on both Weekly and Daily time frames, which is highlighted between the two blue horizontals, and is now retracing back into it...
CTS
1. Broken Weekly and Daily structure
2. Retracing back into structure zone
3. 0.618 Fib Retracment - Daily
4. 0.5 Fib Retracment - 4H
5. 1.27 Fib Extension - 1H
6. 1.618 Fib Inversion - 1H
7. Will be Overbrought on RSI - 1H (If price makes it there)
As you can see we have some great ratio confluence in the zone as well as some solid structure which may present this potential short opportunity which is in the direction of the current trend!
I have highlighted two very good potential Risk Reward profiles if price was to hold at the 134.60 area and show us a valid entry signal! Looking forward to see how this one plays out!
CTS
1. Broken Weekly and Daily structure
2. Retracing back into structure zone
3. 0.618 Fib Retracment - Daily
4. 0.5 Fib Retracment - 4H
5. 1.27 Fib Extension - 1H
6. 1.618 Fib Inversion - 1H
7. Will be Overbrought on RSI - 1H (If price makes it there)
As you can see we have some great ratio confluence in the zone as well as some solid structure which may present this potential short opportunity which is in the direction of the current trend!
I have highlighted two very good potential Risk Reward profiles if price was to hold at the 134.60 area and show us a valid entry signal! Looking forward to see how this one plays out!