100 pip potential on EURJPY
Our pair used to move in a bullish channel for a long time. Recently the uptrend momentum started fading out and we noticed that Euro-Yen was moving in a smaller bearish channel inside of the bigger bullish channel. Today we see that the price violated the lower limit of the bullish channel which indicates a possible bearish move to the closest big support which is 100 pip lower from the current resistance level.
Personally I would never enter a trade unless I see a break and retest of the S/R level we're at right now. A breakout without a retest could be a thing this time as well but there's also a probability of a fakeout so I will avoid trading a breakout without a retest at this point.
Thanks for your time and happy trading!
Personally I would never enter a trade unless I see a break and retest of the S/R level we're at right now. A breakout without a retest could be a thing this time as well but there's also a probability of a fakeout so I will avoid trading a breakout without a retest at this point.
Thanks for your time and happy trading!
Related publications
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.