Art_of_Trading

EURJPY: FOLLOW THE STRUCTURE

FX:EURJPY   Euro / Japanese Yen
On FX:EURJPY             , the price dropped on 1H bars and it is time for correction. So question is when the correction finishes and starts a new impulsive leg. Following these analyse the Red box is considered the good reversal zone.
1. There was a support at 126.65, which became a resistance after the breakout. The price respects that level.
2. Fibonnaci retracement 38.2% exact level.
3. Trendline (blue line) acts as dynamic resitance.
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I'm sorry if I'm blowing up your comments but it's amazing how simple you do this! So I'm curious why didn't the mark go back up? It just blew right past the fib line?
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Love it! Simple yet effective. Nice analysis.
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Art_of_Trading AJ_DeCarli
Thanks.
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