EURJPY - TRADE IDEAS
Updated
Bearish outlook with short-term buying opportunities - caution.
Asian session has pulled this pair higher(higher highs, lower lows) and price rejected 50% Fib. level. If price retreats to 1.5695-1.5700 i will enter a buy with a small stop loss targeting the 61% Fib. level.
Do we see London push price higher to 158.00-158.25 and New York sell off?
Watch price action.
Any strong move below 156.88 and retest, price will head lower(watch demand area around 156.30-156.50).
Asian session has pulled this pair higher(higher highs, lower lows) and price rejected 50% Fib. level. If price retreats to 1.5695-1.5700 i will enter a buy with a small stop loss targeting the 61% Fib. level.
Do we see London push price higher to 158.00-158.25 and New York sell off?
Watch price action.
Any strong move below 156.88 and retest, price will head lower(watch demand area around 156.30-156.50).
Note
06:30, No breakdown in price yet. Pullback at 50% Fib. level then strong push above 61.1% Fib. level. The level to watch is 158.20-158.35. You would expect the market to short in this area coming into London open. Only look for "confirmation" sells in this area i.e a break in structure and retest.Note
Traders, we are going to miss some set ups and this was a good one. Unfortunately it only pulled back to 157.10 and took off in the Asian session. There was a chance to get in on the pullback London open at 157.40/45 but i opted to stay out. Price rallied through the first Supply area and created a support at 158.15/20.
This is why in those areas you wait for CONFIRMATION before selling the market. Looks like going to test the high price.
Anyone catch this move?
DIONNG
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