Eur JPY setting up for nice swing trades.
Hi Guys,
After 3 weeks of inevitable selling pressure the Eur Jpy has returned to the scene of the crime for another showdown. The big M resistance to the left was always going to ensure that bears would take control wheln price arrived there after the big selloff. Price has also formed a wedge that could break either way ( looks more likely to the upside. I would prefer another test of the bottom of the wedge to make it a tighter range and a stronger breakout to the upside if that was to play out. The red shaded area above price is the daily order block from the move down and an area I will be looking to enter a sell trade. We could see a dramatic and quick fall once price hits that area.
Bulls are going to want to make a new higher daily close to ensure the uptrend remains intact.
Safe Trading all
After 3 weeks of inevitable selling pressure the Eur Jpy has returned to the scene of the crime for another showdown. The big M resistance to the left was always going to ensure that bears would take control wheln price arrived there after the big selloff. Price has also formed a wedge that could break either way ( looks more likely to the upside. I would prefer another test of the bottom of the wedge to make it a tighter range and a stronger breakout to the upside if that was to play out. The red shaded area above price is the daily order block from the move down and an area I will be looking to enter a sell trade. We could see a dramatic and quick fall once price hits that area.
Bulls are going to want to make a new higher daily close to ensure the uptrend remains intact.
Safe Trading all
Comment:
Price had strong support off the AVWAP from the recent low resulting in a bullish Hammer candle so buyers are looking to take control of this pair again.