daytradelewis

Potential long setup EURJPY

Long
FX:EURJPY   Euro / Japanese Yen
I'm interested to see what happens if/when price gets down to the blue triangle area where multiple lines of potential support over lap. These lines include a potential reaction line (you can see price respecting the angle of these black action/reaction lines, both top and bottom), a black resistance turned support line (highlighted by red and blue circles), a lower median line parallel of a pitchfork drawn from major pivots 1,2 & 3 (I've erased the pitchfork and just drawn a thicker blue line in its place as the chart is getting messy. As well as that, I've drawn a red modified Schiff pitchfork from high 3 and you can see price is respecting the median line as support.

The blue triangle highlights an area between all of these lines with the lower median line parallel of the major pitchfork cutting right through it, so could be a good place to get into a long position if we get the right signals.