Pullback and Continuation Setup for FX:EURJPY by Proszi

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Looking for a pullback to retest the broken daily ascending trendline in confluence to our 0.618 fib retracement and 4H respectable descending trendline.

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Comments

Do you think it will fall back to 123.000 again today? It's starting to trend upwards, seems like?

Just_J

@Just_J, As long as we are trending below the descending trendline, this upward momentum only seems like a pullback to me. Assuming we see a rejection from the outlined confirmations, I think 123.000 is definitely achievable by either tonight, or at least by the end of the week. Again, all comes down to the trendline/s.

Proszi

@Proszi, it certainly has a certain level of volatility to it right now

Just_J

@Just_J, It's the end of the month with Fed announcements, GDP (Q2) earnings, and COVID on top of all.... of course it will be volatile ;). We have a confirmed rejection and trade is now running in profits

Proszi

@Proszi, seems to be trying to recover from it, pulled up quite a bit in the last 2 hours, it may downtrend, but its trying to keep that bullish movement going even if just slightly now

Just_J

@Just_J, Yeah, despite the previous bearish impulse the market has now retraced back up an stopped me out.