RSI is now with plenty room to sell again; trendline was broken with a reversal sign from last week although not firm enough. retracement reached to 0.786 so high enough to resume the drop. JPY has a month end unemployment data release, however I don't hold my position that long so will close either SL hit or maximum this Friday. Price set around 132.49 however...
Hey traders, here is the analysis for the EURJPY. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks. NOTE - Please do your own analysis before taking the trade.
Last pair for JPY crosses is EURJPY.
It is now on area of confluence resistance. Not only horizontal resistance but also EMA-50. If you draw fibonacci retracement from ii to iii you will see we're around 61.8 fibonacci retracement as well.
Check my NZDJPY and AUDJPY sell setup as well if you follow this.
Sell EURJPY 132.15
Stop loss 132.70
Take profit 129.70...
". There is still a possibility of temporary retracement to the suggested resistance line (133.42).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
. EURJPYis in a downtrend, and the continuation of the downtrend is expected.
. The price is below the 21-Day WEMA, which acts as...
In this pair, we have the technical figure Channel Up. The Channel Up has broken through the support line on 18/06/2021. Forming a bearish formation on a daily chart. If the price holds below this level we will have possible bearish price movement with a forecast for the next 55 days with a target of 130.00. Our stop loss order should be placed at 134.06 if we...
This is an educational + analytic content that will teach why and how to enter a trade
Make sure you watch the price action closely in each analysis as this is a very important part of our method
Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions
The last time I wrote about EURJPY, it was about to break out of the ending diagonal pattern.
A few days later, the price has broken the pattern and trade lower sharply in what can be seen as the first wave of the impulse.
According to EW theory, an impulse is followed by a correction before the price resumes in the direction of the impulse.