DenisRisticFX

EURJPY wait for a pullback to short into daily demand

FX:EURJPY   Euro / Japanese Yen
Price Altitude: Middle/Low
Daily Trend: Downtrend
4H Trend: Downtrend

Analysis: EURJPY has aggressively dropped without major pullbacks toward the daily demand. Currently it is sitting at 25% resistance line and has touched the overlying nearest supply @ 127.01

Prediction: I will be waiting for a pullback toward either 127.01 4h supply zone or 127.77 4h supply zone .
However, if price continues its downward move without stopping, then a long at 125.368 would be favourable as long as the approach stays aggressive.

Price Points of Interest:
4h Supply @ 127.01
4h Supply @ 127.77
4H Demand stacked inside daily demand @ 125.368

This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Comment: Upon Sunday open, EURJPY continued its descent toward the daily Demand. Price turned at around 125.368 as predicted. Any long trades taken from here, are counter trend. Expect some whipsawing before a move higher toward 127 and 128 price points.
Trade closed: target reached: Pullback occurred, targets reached.
Supply and Demand is everything in this business.
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