EURJPY at its key level 120.00 and a possible re-tracement
Eurjpy pair has just formed a Cypher completed at the longterm trend line which is also a key level 120.00, I am running to sell projecting 118.4 zone. yet, i will be doing shorts if it fluctuates for some times in this area.
Used analytical tools:
a) Trend based Fibo Extention
b) Cypher pattern
c) RSI (as indicator) - showing overbought situation
d) Gann Fan (in weekly based chart)
e) some trend lines
Any constructive feedback regarding the analysis is widely expected from the experienced traders. Please note the ideas is valid only if it happened as I said above.
Stay home, stay safe, Happy Trading.
Disclaimer: this information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Used analytical tools:
a) Trend based Fibo Extention
b) Cypher pattern
c) RSI (as indicator) - showing overbought situation
d) Gann Fan (in weekly based chart)
e) some trend lines
Any constructive feedback regarding the analysis is widely expected from the experienced traders. Please note the ideas is valid only if it happened as I said above.
Stay home, stay safe, Happy Trading.
Disclaimer: this information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Comment:
Few profit has been taken around 119.5 zone yesterday. Target 121.00 area for opening another sell trade. I am considering this pull up as a false break up. Lets watch for some more 4 Hour candle stick for better entry.