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
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...
jackmyattFX
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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
TradeHuntFx
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4H candle has broken the trendline. Wait for a retest and then enter I believe
jackmyattFX
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We didn't manage to break and close on the 4H chart so haven't entered this one yet