The EU is in consolidation. It will probably continue to be in for the next day (Holiday in the US).
We'll be waiting for it to break one side of the triangle. Breaking up is more important as this opens the chance to go to 1.1850 - 1.1950.
If it breaks down, I will not sell. However I will be waiting for the test of 1.1500 and buy if the support holds.
The major trend is clearly bearish. The pair has broken the upper channel on the weekly chart, retested it and successfully retraced from it. I see a good opportunity in shorting the pair if it pulled back.
Entry Level: 0.7650 which matches the 0.382 Fibo.
SL Level: 0.7750 which is just above 0.5 Fibo & above a well-respected resistance level.
TP Level: ...
As we see the pair formed a double top and closed below the neckline on the daily. The major trend line acts as a major support for the pair, breaking it means that the pair is going to the 3.70 levels.
Make sure NOT to sell before the trend is broken and the break is confirmed.
Left shoulder and head have been formed on the 4H chart of @USDJPY pair.
Waiting for the right shoulder to be formed, the base line to be broken and retested then going long.
Enterance will be around 115.50.
The goal is arround 118 as it's the previous high and it's equal to the destination between the head and the baseline.
4H candle is closed above the downtrend and now the trend is being retested.
I see a very good entry at around 114.80 as there's 3 different supports. the downtrend, the up trend and the broken resistence.
This is a very nice place to go short for many reasons:
The price broke the short-term up trend.
Two Major resistances that the price was not able to break either of them. The Major daily down trend & 0.5 Fibonacci level. So the it will go at least to the next Fibo. level (as well as the previous structure high) which is around 0.7250.
The there is a possibility...
It has broken the up trend on the hourly chart I expect it to reverse as the trend line will act as a resistence.. Furthermore the EMA200 and EMA 50 will act as a resistence also. Not sure if it will continue downward below 1.4211 or will go back to test 1.4300 level again.