The EURJPY is showing by now a intention to form a candle pattern nowed as evening star and if today ends as looks now, will be a good signal because makes a lot of sense a reversal right here because:
1) after a 5 wave decline and a zigzag correction the pair is showing this reversal
2) the zigzag retracement have a nice 1 to 1 ratio between a and c waves
3) after a inicial push to the downside, the price had retraced deep (76.4) which is consistent with the normal behavior when the new movement announced by the reversal will be a trend and not just a pullback.
Just WAIT to see if the candle ends near its lows, this is important because other way will change the pattern and therefore won't be this reversal.
1) after a 5 wave decline and a zigzag correction the pair is showing this reversal
2) the zigzag retracement have a nice 1 to 1 ratio between a and c waves
3) after a inicial push to the downside, the price had retraced deep (76.4) which is consistent with the normal behavior when the new movement announced by the reversal will be a trend and not just a pullback.
Just WAIT to see if the candle ends near its lows, this is important because other way will change the pattern and therefore won't be this reversal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.