Short the eurjpy as price rejects resistance after making a new lower lows and failing to make a new structure high. Fib confluence with multiple rejection candles and a slow down point on the higher time frame. First targets at previous support low looking for a push lower
Quite an aggressive entry after rejection of immediate resistance. Monthly Resistance at the round number of 1.0700 so stops above that level. Targets at 61.8% retracement towards bottom end of the channel, 2nd targets down at the previous swing low
Looking short for a daily swing position retracing after the slow down at resistance. Good risk to reward looking for targets down at previous structure breaks which line up with a couple of fibs giving a nice point of confluence
As the market holds a trend line it is also paused at what would now be a resistance level. We can see that has bounced a few times as both resistance and support. If the bulls step in pushing prices up then there is a bearish cypher completing at 1.1544. Something for the watch list.
Within a bearish channel a bearish cypher formation completes up at 1.2877
Not only does the pattern complete at a level of structure as marked by the arrows but it is also touching the upper channel trendline, a nice point of confluence. Potential targets using fibs or structure.
The market broke out creating a new structure high and has now retraced back down to the original break point.
Along with support there is a Fibonacci 61.8 retracement level, IF price retests the 1.0966 level again and holds giving us a double bottom then that could be a reason to get long looking for a continuation play.