Technician

#EURJPY: Two Possible Scenarios! #forex

FX:EURJPY   Euro Fx/Japanese Yen
1828 9 45
The Bearish Scenario
The cluster of moving averages holds well, and price heads lower breaking the minor rising trend line for the recent consolidation. That would create the right shoulder for this POTENTIAL head and shoulders, and retest the neckline for the pattern. Its too early for further forecast.

The Bullish Scenario
A breakout above the main resistance cluster. That would be strongly bullish . and the right shoulder completion scenario will no longer be valid. That would suggest a minimum move towards the latest major swing high at 141.00

My way to trade this could be shorting just below 137.00 targeting 135.50 then the neckline. With a stop above 138.00. Alternatively, on a break above 138.00 to reverse position and go on the long side targeting 140.50-141.00.

My best regards
Technician
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Casey_Yeo
a year ago
Hi mate. Do you see this as a 50-50 coin flip if we were to short while price is still contained within the consolidation range and trendlines?
snapshot
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Kingfisher1978
a year ago
Thank you for the setup.
A good place to short his par is a 50% retrace of the pin bar.
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MILAD-FX-26
a year ago
NICE ANALYSIS
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Kenyanpiper
a year ago
there is always two possible scenarios.up or down! that's like saying it might rain it might not.
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Technician TOP Kenyanpiper
a year ago
This is annoying kenyanapiper. It seems that you just looked at the chart and commented trying to bash. If you read the description you will find my trade on this! "My way to trade this could be shorting just below 137.00 targeting 135.50 then the neckline. With a stop above 138.00. Alternatively, on a break above 138.00 to reverse position and go on the long side targeting 140.50-141.00. "

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Kenyanpiper Technician
a year ago
don't catch feelings my guy. just messing with you
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gbfx9 Technician
a year ago
i believe upward is likely this time because upside prevail, the HS pattern may not work at this time. however i prefer long at a very pull back to 137.10. because of the double top on 4hr, please tell me what you see...thanks.
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chrisyowell Technician
a year ago
With the bailout Spectactulerization of 'the Greek Blip' resolved I feel your long above 138.00 - 140.00+ might be the more likely as the last month's shorts have been routed and Euro is back on a recovery Trend Up!
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chrisyowell Kenyanpiper
a year ago
So in the end after careful observation and discussion, it ends up as your best guess
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