EURJPY on the 4h chart is moving inside a 4h correction channel.
The price after the recent high at 131.500 created a rounded top and start the descending phase with a lower low lower waves patter.
We can notice how the previous top was the 0.618 Fibonacci level of the previous bearish waves on the daily chart (blue).
How can we approach this scenario?
Currently, the market is testing the resistance at the 4h 0.382 fib level and we will check a possible inversion to place a short order according to our Academy rules for a continuation to the downside.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The price after the recent high at 131.500 created a rounded top and start the descending phase with a lower low lower waves patter.
We can notice how the previous top was the 0.618 Fibonacci level of the previous bearish waves on the daily chart (blue).
How can we approach this scenario?
Currently, the market is testing the resistance at the 4h 0.382 fib level and we will check a possible inversion to place a short order according to our Academy rules for a continuation to the downside.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Comment:
the market has been rejected by the 0.382 fib level
Comment:
the price moved to the expected direction
Comment:
Perfect bearish scenario