Currently have what looks like a retracement on the downtrend with EURJPY
, up to the 50%
zone. It is also sitting around a support / resistance
at this level too, there is the potential for a head and shoulders
pattern to complete, with indicators showing the bull power slowly running out. This could start the final leg of the right shoulder. I will be waiting for a break of the neckline and re-assess how it looks then, if it is all good then I could short down to the supply / demand zone
which has been proven to be a strong turning point for this pair over the past few weeks.
NFP today to so it could blow everything out of the water!