I predict there will have a big upper space for the EURJPY,this huge move may take some time, but it is worth to wait .All we need is patient, and market will show you the answers
|BELIEVE IN STRUCTURE|
REASON TO LONG THIS PAIR:
1. 0.618 support
2. Using previous structure as conformation
1st target: AB=CD end position + 0.382 resistant
2nd target : red line resistant which is a bigger resistant of the trend
The resistant level right now was previous supply level, now the price had tested the resistant level yesterday ,now now we can predict that the supply level has turned into resistant level .
First target will be 43 which is the previous supply level
As we can see at 1.168 level oil has rejected by the resistant ,this is a clear bearish sign, another reason is at the mean time price has reached the highest resistant level,these two reason enough to make us short this pair.
As you can see before the NFP big bullish candle came out,there is a downtrend channel ,it is an obviously bullish sign .
and now gold come into an uptrend channel,so that we can surmise that gold will go into a bearish trend soon
another reason i short it because gold has met the 0.618 resistant
The currency that most people focus,GBPJPY
There are two reason to sell it :
1.Trend line resistant as the circle shown
2.Another thin trend line has a cross point at another trend line (the red circle)