TimStuyts
Long

EURJPY buy opportunity

FX:EURJPY   Euro Fx/Japanese Yen
158 4 1
For my previous post and context see below:

EURJPY made that expected move lower.


We saw the first move up last week and price is currently in a consolidation. I like to see a break out for a buy opportunity. The green and red arrows show my preferred pattern for now but we will see. First thing to watch for is the break. I'm not selling this pair based on current price action, only a break below the previous low might shift my bias towards bearish trade opportunities.

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snapshot


I was looking for a break higher to buy the EURJPY. However we didn't see a break and if you used a more aggressive trend line break approach you probably noticed the lack of bullish momentum.
This pair unfolded in the shape of a triangle. A triangle almost always occurs prior to the final move of the structure so I like to see a last leg lower for divergence. Once that is in place I will be looking for the buy again.
+1 Reply
snapshot


still favoring a bullish break-out. We saw several 4hr candles finding support at the 61.8% Fibonacci ratio, the Golden ratio. Let's see whether the break out is next.

Reply
So do you mean a break below 127.668? And if it closes above than it's a buy?
Reply
yes I'm looking for a buy trade and not selling this pair until we make a new low and the structure changes. In that case I will update for short opportunities.
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