EUR/JPY 4-hour chart is respecting a long-term descending trendline, acting as dynamic resistance. Price recently tested this trendline near 162.018 - 164.073 and is now rejecting it, indicating a potential bearish move.
Bearish Confirmation & Entry:
Price failed to break above the 162.018 - 164.073 resistance zone, confirming a potential sell opportunity.
A downward movement is expected, targeting key support levels as marked.
Target Levels:
First Take Profit (TP1): 158.753 (Minor support zone)
Second Take Profit (TP2): 157.319 (Stronger support)
Third Take Profit (TP3): 156.202 (Significant demand area)
Final Take Profit (TP4): 154.786 (Major support and previous low)
Risk Management:
Stop-loss: Above 162.018 to protect against a potential breakout.
The trade setup offers a high risk-to-reward ratio, making it a strong candidate for a short position.
Bearish Confirmation & Entry:
Price failed to break above the 162.018 - 164.073 resistance zone, confirming a potential sell opportunity.
A downward movement is expected, targeting key support levels as marked.
Target Levels:
First Take Profit (TP1): 158.753 (Minor support zone)
Second Take Profit (TP2): 157.319 (Stronger support)
Third Take Profit (TP3): 156.202 (Significant demand area)
Final Take Profit (TP4): 154.786 (Major support and previous low)
Risk Management:
Stop-loss: Above 162.018 to protect against a potential breakout.
The trade setup offers a high risk-to-reward ratio, making it a strong candidate for a short position.
📈Forex Telegram Alerts
🥇95% Accurate Signals
♻️1-2 Daily Signals
✔️Free Daily Profitable Signals
⤵️‼️Join us on Telegram‼️⤵️
📱Telegram:➡️ t.me/ultreos_forex
Website:- ultreosforex.com/
🥇95% Accurate Signals
♻️1-2 Daily Signals
✔️Free Daily Profitable Signals
⤵️‼️Join us on Telegram‼️⤵️
📱Telegram:➡️ t.me/ultreos_forex
Website:- ultreosforex.com/
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.
📈Forex Telegram Alerts
🥇95% Accurate Signals
♻️1-2 Daily Signals
✔️Free Daily Profitable Signals
⤵️‼️Join us on Telegram‼️⤵️
📱Telegram:➡️ t.me/ultreos_forex
Website:- ultreosforex.com/
🥇95% Accurate Signals
♻️1-2 Daily Signals
✔️Free Daily Profitable Signals
⤵️‼️Join us on Telegram‼️⤵️
📱Telegram:➡️ t.me/ultreos_forex
Website:- ultreosforex.com/
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.