Marenno
Short

EURJPY, Current view and entry levels (multiple timeframe)

FX:EURJPY   Euro Fx/Japanese Yen
Price direction on a 1D chart is down, as new lower low and lower high appeared (Price direction is not the same as a trend direction)
Yesterday's close is below 5MA what gives a bit more power to bearish signals
Currently none of the major chart patterns appears (1D Chart)

Price is currently at 100% Fibonacci retracement area
in a relation to Previous swing UP
Will look for a possible range bounce entry setup (based on 1D chart, mid-term) at arround 132.00

On a 4H chart we have a bullish pattern
Divergence with a current oscillator confirms the reversal pattern on a 4H chart, what gives support to momentum traders, and can possibly give a momentum to the price movement.
Price is currently at 127.2% Fibonacci retracement area (Filtered to 4H timeframe)
in a relation to Previous swing UP
Will look for a possible countertrend entry setup (based on 4H chart, mid-short term) at arround 132.200

Currently none of the major chart patterns appears on 1H chart

Price is currently at 23.6% Fibonacci retracement area (Filtered to 1H timeframe)
in a relation to 1H Chart
Will look for a possible countertrend entry setup (based on 1H chart, short-term) at arround 132.800




In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, as mainly intraday trader I will be looking for a selling oportunities today (or at least during the present session).
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