Euro / Japanese YenShort
EURJPY SHORT. on your marks, retrace, GO??
After last month strong bearish closure breaking below previous monthly and weekly support, price is overall suggesting the continuation in its journey to a structural retest.
we are seeing some retracement activity going on, however we are approaching a key weekly level, previously strong support now resistance around 122.50-80 iish area.
daily/weekly closure above this price level could signify a change in the overall direction to bullish, something that is not yet suggested by the monthly liquidation channel which is yet to reach its final third bounce lower/structural retest
therefore a short around 122.50-8- ish area may be warranted as a suitable turning point or bearish continuation, however a weekly closure above that level would suggest an entirely different story.
we are seeing some retracement activity going on, however we are approaching a key weekly level, previously strong support now resistance around 122.50-80 iish area.
daily/weekly closure above this price level could signify a change in the overall direction to bullish, something that is not yet suggested by the monthly liquidation channel which is yet to reach its final third bounce lower/structural retest
therefore a short around 122.50-8- ish area may be warranted as a suitable turning point or bearish continuation, however a weekly closure above that level would suggest an entirely different story.
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