Look, it seemed that we went out of that bearish shot. But the fact is: we didn't, not yet. Price just made a recent new low on the recent price action. So, I'm looking for it to make a new LOWER HIGH so I can jump in sells. Of course, if PRICE ACTION DOESN'T SHOW US REJECTIONS, WE WON'T SHORT IT.
Nice idea on EURJPY and there may be bearish potential as you have identified. The 1st resistance that we have identified is at 128.39. It is a 100% Fibonacci extension , 50% Fibonacci retracement and a horizontal overlap resistance. Stochastic is approaching its resistance at 97.5% where a corresponding drop in price could occur. If a potential drop does occur, we may want to look at 127.71 support level. It is a 38.2% Fibonacci retracement and a horizontal overlap support. Looking forward to see how things develop.
Please have a look at our idea and we would like to hear your thoughts.
Please have a look at our idea and we would like to hear your thoughts.