Hi Guys,
Here we have the EURJPY on the Weekly Chart. Again, JPY isn't one of my favourite currencies to trade but there appears to be a good short opportunity.
There is quite a bit of detail on the chart and below are key points to note:
* Bearish Reciprocal completed
* Respected Two Year Downtrend
* Respected One Year Uptrend on daily (previously bounced from this twice)
* Rejected a weekly support level twice
* Broke 0.50 of two year down swing
* Four Hour showing a downtrend and being respected
* Broken 0.50 of last down swing on Four Hour
* 1:3 Risk to Reward
I will be watching tomorrows candle closely and looking for a short of a potential 700 pips.
Do let me know of any questions.
Thank You!
Victoria
Here we have the EURJPY on the Weekly Chart. Again, JPY isn't one of my favourite currencies to trade but there appears to be a good short opportunity.
There is quite a bit of detail on the chart and below are key points to note:
* Bearish Reciprocal completed
* Respected Two Year Downtrend
* Respected One Year Uptrend on daily (previously bounced from this twice)
* Rejected a weekly support level twice
* Broke 0.50 of two year down swing
* Four Hour showing a downtrend and being respected
* Broken 0.50 of last down swing on Four Hour
* 1:3 Risk to Reward
I will be watching tomorrows candle closely and looking for a short of a potential 700 pips.
Do let me know of any questions.
Thank You!
Victoria