Tweezers at Desc. TL Rejection
also CTL retest
Tweezers also occurred at a daily 61.8% fib bounce level
Pair has been in down trend for some time and after a short burst up formed
a double top and has started putting in lower lows and lower high's.
My thoughts for this trade
This Pair is looking very bullish at the moment.
-A couple of Long term (Weekly) Fibonacci
-Monthly, Weekly and Daily MA's bullish (My MA's of course)
-Daily Break retest and continuation of 1.5000 Monthly Res level.
Price ready for entry with liberal stop. I Will see how market opens ...
Price broke the desc. TL
Made a 3rd bounce from the asc. TL
Bounced off of Major resistance
(Which is also the bottom of the weekly consolidation range price is now in)
2 Targets. 1 at top of range and one at next key res.
Many reasons for entering this short trade however the key and final one is the break of 0.7100 which has been holding as a support level since this week. 0.7020 is my Target 1. Expecting pair to create lower lows but will analyse when we get to the next support barriers.
Always trade your rules and analysis!!
EURJPY currently looks set to break the triangle formation and go long to the targets mentioned. I personally will not be entering until all of my entry criteria are met however whichever direction the triangle breaks I am going to be entering and hopefully bagging some pips.
After multiple touches of the weekly channel and weekly 61.8% fib I think it may be just a matter of time before this pair starts to head for a new Higher High. Target 1 for now is 187.00 followed by 188.00 and 190.00. Price can pullback at anytime so these are just key levels where I would take profits.