EURJPY has been in a downtrend for quite some time
-Really aggressive moves including strong pullbacks
-On the weekly timeframe we are seeing a lot of rejection around the 122 and not even been able to close below 1.24
-This tells me that theres some upward movement to follow
-An aggressive trade would trade off the inner trendline you can see off the right
-A conservative would wait for the break and close on the 4h
-If we hold above the key weekly resistance of 126.00 also psychological number theres a big chance we are going to fly to the upside.
-Targets such as 128.00 are very possible
-This pair can move fast when it wants to and also have a look at the other xxxjpy pairs as they are showing similar signs
-MAs are to the upside
-We will watch price closely on the left for potential rejection of the outer trendline as this could result in downside momentum
-Stoploss 15-30 pips below last lower low
-We are also back in the channel on higher timeframes which is another confluence as at the very least we could bounce to the upper part of this channel
-Really aggressive moves including strong pullbacks
-On the weekly timeframe we are seeing a lot of rejection around the 122 and not even been able to close below 1.24
-This tells me that theres some upward movement to follow
-An aggressive trade would trade off the inner trendline you can see off the right
-A conservative would wait for the break and close on the 4h
-If we hold above the key weekly resistance of 126.00 also psychological number theres a big chance we are going to fly to the upside.
-Targets such as 128.00 are very possible
-This pair can move fast when it wants to and also have a look at the other xxxjpy pairs as they are showing similar signs
-MAs are to the upside
-We will watch price closely on the left for potential rejection of the outer trendline as this could result in downside momentum
-Stoploss 15-30 pips below last lower low
-We are also back in the channel on higher timeframes which is another confluence as at the very least we could bounce to the upper part of this channel
Comment:
Hovering around our trendline...
