EURJPY gaining momentum in the box
EURJPY has recently entered into a narrow daily range with solid support and resistance zone (also defined by 50 % fibonacci). However the range now shrinks and the ratio between daily positive and negative return oscilates around mid-level (check RSI).
With that said and others technical factors considered like double bottom, broken corrective lines, bullish RSI, 50 % fibonacci level and long term EURJPY market structure the odds seem to be in favour of bulls-to-dominate market.
One may point out the unfinished structure phase regarding the untouched solid red line. However this move is yet not complete, the setup still gives solid RRR to offset the risk of early entry.
Keep your numbers green,
Skål!
With that said and others technical factors considered like double bottom, broken corrective lines, bullish RSI, 50 % fibonacci level and long term EURJPY market structure the odds seem to be in favour of bulls-to-dominate market.
One may point out the unfinished structure phase regarding the untouched solid red line. However this move is yet not complete, the setup still gives solid RRR to offset the risk of early entry.
Keep your numbers green,
Skål!
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