EURJPY Bulls on the horizon? Potential LONG Trade
The Monthly chart image below shows the major resistance and support levels to look out for this pair.Currently the price is stuck between 126 and 131 levels and its looking to retest either of those levels again the coming days
Looking at the Monthly charts again it can be observed that the price is confined in the long term triangle. Currently the price is being supported by the 50 EMA monthly which can act as a strong support!
On the weekly chart, it can be seen that the trend is supported by the two long term trendlines. Furthermore a descending wedge was broken which adds to the list of probabilities that price is ready to go up.
Now Finally onto the Daily chart, The price Must break and close above the 50 EMA for the position to be valid for long entry
The Final entry criteria will be based on the 4 hour charts when the price retests the 50 EMA.
When the conditions are right i will place the trade signal in the thread below.
Looking at the Monthly charts again it can be observed that the price is confined in the long term triangle. Currently the price is being supported by the 50 EMA monthly which can act as a strong support!
On the weekly chart, it can be seen that the trend is supported by the two long term trendlines. Furthermore a descending wedge was broken which adds to the list of probabilities that price is ready to go up.
Now Finally onto the Daily chart, The price Must break and close above the 50 EMA for the position to be valid for long entry
The Final entry criteria will be based on the 4 hour charts when the price retests the 50 EMA.
When the conditions are right i will place the trade signal in the thread below.
Comment:
Price has closed above the daily 50 EMA and 4 hour 50 EMA. i am waiting for it to retrace to 38.2 of the previous swing on 4 hr timeframe before entering
Comment:
TRADE INVALID. Price has rallied near the next resistance and did not retrace. Entering on a retracement now would be risky as the risk reward ratio will not be in our favor. I will look at this pair again soon and post new analysis on it.
Comment:
there is still minor hope of retracement to happen. i will update if there is any signals here. lets see
Comment:
TRADE INVALID. The monthly candle closed below a crucial resistance and its signalling that its headed down. i will wait for a good opportunity to take this pair short in the future
