The rise from 122.50 is corrective in a ABCD pattern where D leg is a rising wedge which gives me reasons to think that EurJpy is ready for a drop.
I will try to sell rallies above 125 figure with a SL around 126 and a TP at 123 zone
Once again, market will always leave clues as to what it wants to do, I do not predict the market but my bias would be for a sell position seeing the price action clues on weekly and daily.
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When the trade is...
So EJ looks like it is taking an upward move.
Use Proper Risk Management
When in 20pips Profit, Breakeven with a 2 pip "Stop Profit"
Disclaimer: Past Results does not guarantee future results
Do your Due Diligence before taking the trade
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After breaking down the rising wedge, EurJpy dropped and found support as expected above 123 zone (horizontal support and beginning of the wedge).
I expect a bull move from this point and 124.50 could be the target
The counter has made a retest of the broken head and shoulder neckline.
It has made the retracement in the form of a bearish flag and has broken down from it.
Further, it has crossed critical support of 123.9 and hence we expect the pair to be bearish in the short-term.
On Friday's commentary, I draw attention to a rising wedge visible on both H4 and H1 charts for EurJpy.
Now the trend line support of the pattern is broken and I expect a continuation to at least 123 zone.
The pair is trading at the time of writing in support and a small corrective rally is not out of the question.
This rally can provide bears a good opportunity...
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👉 WE have sell conformation:
- Triangle formation and the candle close out of triangle.
- MACD give us SELL signal.
- Candle close below ASIAN...
Just a quick update from my previous EURJPY. By looking at today's price movement, we can see that EURJPY did not successfully breakout 124.75, with current price level holding 124.75 as a strong resistance level. No retest was seen when price moved out of 124.75 instead looks more like a fakeout. I am seeing a good risk to reward short opportunity down to 122+...
Hello fellow traders. I'm looking at a short setup here. Once the 4H candle can close I'll be monitoring price action on smaller timeframes foe an entry 🧐 If you like the Analysis feel free to drop a like and leave comment, we are grateful for all the love out there 🤍
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