Analysis
EURJPY has been forming a symmetrical triangle around the 129.35 level. During June and July it formed an ascending channel within the larger triangle.
Trigger
August 2nd it broke and closed outside the ascending channel. Additionally, it closed below a support level August 2nd and 3rd.
Trade
Now looking for a retest of the 129.35 level for a short entry down to 127.65.
EURJPY has been forming a symmetrical triangle around the 129.35 level. During June and July it formed an ascending channel within the larger triangle.
Trigger
August 2nd it broke and closed outside the ascending channel. Additionally, it closed below a support level August 2nd and 3rd.
Trade
Now looking for a retest of the 129.35 level for a short entry down to 127.65.
Comment:
Price has retraced to 129.25 (10 pips short of 129.35), gauge price action (patterns, candlesticks, time frames) for entry points.
Comment:
Profit targets near 127.50 and stops around 129.60.
Comment:
Bullish engulfing is imminent. Wait for close on 4H and enter trade on break of lows.
Trade closed: target reached