OK SO I DONT USUALLY DO 2 POSTS FOR THE WEEK. But here ya go!
I am only posting this on EJ because it has not come into a strong supply area of 160.200 and these levels work as magnets for price to come into. After watch price last week and seeing this strong buyer come in at the end of the week is showing me that there may be a strong push up into this weekly supply, before potentially seeing a reversal on this pair.
Watch this week for a intra-day pullback into some 1H demand, look for a HL (higher low) to form and see if this pops through that 4H/1D short term resistance I have on there. Another crucial thing to watch for here is how the sellers react at this fresh resistance. Make sure they give a weak reaction to downside showing the buyers are in control and that they're just building some orders from the sellers and taking a small discount before bringing price into the inevitable supply level of 160.200
Cheers!
I am only posting this on EJ because it has not come into a strong supply area of 160.200 and these levels work as magnets for price to come into. After watch price last week and seeing this strong buyer come in at the end of the week is showing me that there may be a strong push up into this weekly supply, before potentially seeing a reversal on this pair.
Watch this week for a intra-day pullback into some 1H demand, look for a HL (higher low) to form and see if this pops through that 4H/1D short term resistance I have on there. Another crucial thing to watch for here is how the sellers react at this fresh resistance. Make sure they give a weak reaction to downside showing the buyers are in control and that they're just building some orders from the sellers and taking a small discount before bringing price into the inevitable supply level of 160.200
Cheers!
Comment:
EURJPY headed to 151.000
Order cancelled
What I am personally looking for is to see if it holds this structure @ 155.700
IF NOT then we could be seeing an overall pull down to 151.000
Cheers!