EURJPY Potential Trend reversal here

FX:EURJPY   Euro / Japanese Yen
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
Comment: Hovering around our trendline...

Related Ideas

4H candle has broken the trendline. Wait for a retest and then enter I believe

We didn't manage to break and close on the 4H chart so haven't entered this one yet
Amazingly explained as always. good luck!
+1 Reply
Thank you very much :)
Good luck to you too
You need to see the market break this and trade off the upside. I see that too but until further notice I am short below the 12612 pivot. euros still have some retracing to do...
+1 Reply
jackmyattFX hope.bleecker
Yeah thats exactly what I put in the description I agree....all that weekly rejection too holds as a strong indication too but will see. I did a little scalp in the first inner trendline break and took profit waiting for the mother trade for a break and close :) good luck
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