We are mostly into range areas on most currencies.
Technical View: I have been bearish EURJPY for while.
Pattern: Bear Flag
Target: 200 EMA - It's a key area of support as well.
If we were to go below the 200 EMA - 120 areas come into play. (Fib Retracement target area of: 1.618).
However, if we rise above I'd be looking towards the areas of 125.050 and see how it reacts at those levels. Keep in mind on the lower time frames patterns, Fib Retracement or perhaps other indicators that you have within your trade plan for further confirmation.
Key note: Bears are in control as long as we don't pass the trendline down towards the upside & USD/JPY has a nice formation building...
Remember: Just a trade idea, not a recommendation
Have a great week ahead.
All the best,
Trade Journal (TJ)
Technical View: I have been bearish EURJPY for while.
Pattern: Bear Flag
Target: 200 EMA - It's a key area of support as well.
If we were to go below the 200 EMA - 120 areas come into play. (Fib Retracement target area of: 1.618).
However, if we rise above I'd be looking towards the areas of 125.050 and see how it reacts at those levels. Keep in mind on the lower time frames patterns, Fib Retracement or perhaps other indicators that you have within your trade plan for further confirmation.
Key note: Bears are in control as long as we don't pass the trendline down towards the upside & USD/JPY has a nice formation building...
Remember: Just a trade idea, not a recommendation
Have a great week ahead.
All the best,
Trade Journal (TJ)
Trade closed: target reached:
We took the upside 125 - focus on this area carefully.. Out of trade.
Comment:
Wait for pull back, could get in short again...!