Sell Opportunity on EURJPY
Looking at EurJpy, we could identify a sell setup beginning to develop. Starting on the daily timeframe, price has been in a steady bearish retracement for quite some time now. Until the buyers show that they are taking over, I will continue to ride this bearish retracement.
On the lower timeframes, we could notice that price has cracked below a Daily Significant Level and failed to push towards the downside. We then snapped back above the level very briefly before cracking back below and testing for the time being. If price could show a strong bearish H4 candle closure off of this level, it would identify selling pressure around this area and downside potential for the future. Just waiting to see how the next couple of candles close before pulling the trigger.
On the lower timeframes, we could notice that price has cracked below a Daily Significant Level and failed to push towards the downside. We then snapped back above the level very briefly before cracking back below and testing for the time being. If price could show a strong bearish H4 candle closure off of this level, it would identify selling pressure around this area and downside potential for the future. Just waiting to see how the next couple of candles close before pulling the trigger.
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