After seeing the Yen develop munch strength last week, we saw alot of Yen quoted pairs slide, one being EURJPY.
In my Monthly chart analysis we see that an elliot abcde triangle pattern has been formed and following the rejection of rice on the upper trend line, it is anticipated that we can see further pushes down to test, break and form new levels of support/resistance.
If we scale down to the daily and 4h chart it is safe to say that price was range bound at a area of supply and could be considered as a DISTRIBUTION PHASE.
In identifying the distribution phase, I was able to capitalize on the break and retest of the lows of that range with further short targets coming this week.
** NB. None of this is financial advice and as a trader you should take the time to do your own analysis and make decisions with your money.**
In my Monthly chart analysis we see that an elliot abcde triangle pattern has been formed and following the rejection of rice on the upper trend line, it is anticipated that we can see further pushes down to test, break and form new levels of support/resistance.
If we scale down to the daily and 4h chart it is safe to say that price was range bound at a area of supply and could be considered as a DISTRIBUTION PHASE.
In identifying the distribution phase, I was able to capitalize on the break and retest of the lows of that range with further short targets coming this week.
** NB. None of this is financial advice and as a trader you should take the time to do your own analysis and make decisions with your money.**