Marenno

EURJPY Overnight observation, general trading idea

FX:EURJPY   Euro Fx/Japanese Yen
Indeterminate direction of price as no clear signs has been given by the last day closure.
Yesterday's close is above 5MA what gives a bit more power to bullish signals
We have a bullish chart pattern (1D Chart)
Divergence on a daily chart with a current oscillator confirms the reversal pattern, what gives support to momentum traders, and can possibly give a momentum to the price movement.
Price is currently at 127.2% Fibonacci retracement area
in a relation to Previous swing UP

Will look for a bullish mid-term entry setup (based on 1D chart, using lower leverage and wider stops, this type of trade will be left open for a few days) at around 132.25
On a 4H chart we have a bearish chart pattern

Price is currently at 100% Fibonacci retracement area (Filtered to 4H timeframe)
in a relation to previous swing Down

Will look for a bearish short term entry setup (based on 4H chart, this type of trade will be left open for a few hours) at around 133.05
"This Overnight observation is to give an overall trading idea on the coming day, but the session opening must be clearly watched, as, it is normal - when market moves in the opposite direction against the main direction for a short while.

P.S.: Sometimes you can see opposite opinions in my analysis. Please don’t rush to complain. It is happening due to a different timeframe analysis. 
Entry level on a higher grade chart can be a target on a lower grade chart"
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