Hi goodmorning,
Several more pairs are added to my watch list, with EUR/JPY being one of them. Let me set the scene.. price is moving lower since our previous supply area was tapped, and while going lower it is forming a new/fresh area of supply around that same price area. With the daily trend being broken to the downside, it's looking good to watch this zone when price comes back to it.
At the higher time-frames the weekly is at great value, stacking up with our daily supply. The only negative for this play is that it is probably a short-term move of a few days instead of a full long-term reversal. The monthly is very strong and it is likely that this one will continue higher after a monthly or weekly pullback.
As always when price reaches the zone, I don't blindly jump in but patiently wait for the 4hour criteria to be met.
Kind regards,
MNieveld
Several more pairs are added to my watch list, with EUR/JPY being one of them. Let me set the scene.. price is moving lower since our previous supply area was tapped, and while going lower it is forming a new/fresh area of supply around that same price area. With the daily trend being broken to the downside, it's looking good to watch this zone when price comes back to it.
At the higher time-frames the weekly is at great value, stacking up with our daily supply. The only negative for this play is that it is probably a short-term move of a few days instead of a full long-term reversal. The monthly is very strong and it is likely that this one will continue higher after a monthly or weekly pullback.
As always when price reaches the zone, I don't blindly jump in but patiently wait for the 4hour criteria to be met.
Kind regards,
MNieveld