EURJPY Bullish Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: So EJ is also super bullish however we do see a very tight and steep 4hour channel.
This is not ideal given how overextended the higher timeframe seems but the most likely scenario here is that price action actually pushes toward resistance around 137.000 before we see any sort of serious reaction.
Trade scenario 2: For us to consider EJ bearish and start looking for short opportunities we need to see our 133.000 support level break.
Look for structure forming lower highs below 133.000 for high probability setups.
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: So EJ is also super bullish however we do see a very tight and steep 4hour channel.
This is not ideal given how overextended the higher timeframe seems but the most likely scenario here is that price action actually pushes toward resistance around 137.000 before we see any sort of serious reaction.
Trade scenario 2: For us to consider EJ bearish and start looking for short opportunities we need to see our 133.000 support level break.
Look for structure forming lower highs below 133.000 for high probability setups.