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forexwithfred

EUR/JPY - Price Has Reach Supply Zone Nearing 119.00

Short
Euro / Japanese Yen (FX:EURJPY)  
forexwithfred  
FX:EURJPY   Euro / Japanese Yen
Trend Analysis Technical Indicators Chart Patterns EURJPY eurjpyidea eurjpyshort EUR Supply Zone countertrend
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trendanalysis indicator chartpattern eurjpy eurjpyidea eurjpyshort eur supplyzone countertrend
Hello Traders!,

What Is The Market Telling Us?
  • Strong bullish momentum in the market after reaching 2-year low
  • Price is over-extended as it is far away from 50EMA (Price always returns to MA)
  • EUR strength could be at a hold after reaching supply zone made form early April
When Should We Enter?
  • Best time to enter would be once a clear bearish pattern has been completed on the lower timeframe
  • If price continues to rise slightly or there is no clear pattern, I expect a downside turnaround @119.00 level
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