Trader_97

EUR/JPY MULTIPLE TIME FRAME ANALYSIS

FX:EURJPY   Euro / Japanese Yen
On the daily time frame the pair continues to the respect the T.L resistance from the beginning of the year or early Feb.On H4 the pair is trading wel below the H4 short term T.L resistance as well.On Hourly TF the pair seems to be trading inside a sideways range , moving back and forth between 115.20 and 113.80 , it recently broke out of short term rising wedge as well which might result in further retesting of the support levels around 114-113.80 . If we extend a fib retracement from the previous leg lower , we see that the price has tested the 61.8% area and went even slightly higher quite a few times only to fail and close back under the 61.8% level @ 115.08.

We will be looking for shorting opportunities on this pair for the short term


Daily TF :
snapshot


H4 TF :
snapshot


H1 TF :
snapshot


H1 WITH FIBS :
snapshot
Trade closed: target reached: SHORT ON BREAKOUT :
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