Mayfair_Ventures

EURJPY Short to go Long

Long
FX:EURJPY   Euro / Japanese Yen
This pair is looking for a 4th wave Elliott drop and confirmation below it's last swing low. Once confirmed (or the high is taken out, making last swing low a shallower 4) then it will pop up to 5.

Short term bias is down - Asset Managers are favouring the long overall with a 68.5% Bullish sentiment. Whilst the Leveraged funds are 58.5% Long overall.

Retail sentiment on IG index is showing 52% Long currently.

Two key entries, below the last low (ideal) or taking the most recent highs and up to 129 potentially. Long swing trade.

Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.

Comments

thanks for sharing! Agree that price is sitting on a key support now, I am bearish but am waiting for a clear break below this level first before any short, this is my view on EURJPY:
Reply
@FXCM, Nice analysis. Thanks for sharing. I think that area between your TP1 & 2 is very interesting. All COT data points North overall, but Elliott wave needs to complete the 4 down. On the Advanced Get software it's showing that the previous low is not 'low enough' or had the swing high to confirm the previous low.
Reply
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