My reasoning :
I open a short position on the pair for a short term scenario, in hours or days.The market is fundamentally bearish and the current rebound could bring it back to the previous lows. Fundamentally, the yen pairs are very bullish overall and often there is some sort of reverse movement on the eur pair, so this reinforces the bearish hypothesis.
The trend line describes a bearish underlying trend
Technically:
The breakout of the bollingers confirms the overbought zone
A move below the SAR would reinforce the bearish market recovery hypothesis
Maybe this bearish rebound can be prolonged
My target:
1.2344 the next bearish resistance
This scenario is not an investment advice
A failure of the scenario is highly possible
Do not copy it, or you risk losing your money
I open a short position on the pair for a short term scenario, in hours or days.The market is fundamentally bearish and the current rebound could bring it back to the previous lows. Fundamentally, the yen pairs are very bullish overall and often there is some sort of reverse movement on the eur pair, so this reinforces the bearish hypothesis.
The trend line describes a bearish underlying trend
Technically:
The breakout of the bollingers confirms the overbought zone
A move below the SAR would reinforce the bearish market recovery hypothesis
Maybe this bearish rebound can be prolonged
My target:
1.2344 the next bearish resistance
This scenario is not an investment advice
A failure of the scenario is highly possible
Do not copy it, or you risk losing your money
Comment:
Potential new rebound