eurjpy is in a descending channel consisting of lower highs and lower lows. Price seems to have reached its first resistance zone. Resistance zone was previous support from past data and has now been broken and turned into a newly formed resistance which adds to the continuation of the descending channel.
on top of that, price was in alignment with the fib retracement of 0.5 from previous lower high so that also indicates that price will drive lower. Waiting for breakout of the trendline on lower timeframes to enter.
on top of that, price was in alignment with the fib retracement of 0.5 from previous lower high so that also indicates that price will drive lower. Waiting for breakout of the trendline on lower timeframes to enter.
Comment:
price created xabcd pattern so I added another set up
