EUR_JPY: Gettin Ready for 2nd Leg
On a monthly charts, the structure is long way downtrend.
However, with a string of bullish engulfing candles for 2 consecutive weeks it is now evident that the structure is trying to move up.
By looking at the Weekly & Daily TF Charts It is now evident that the trend is trying to maneuver a new 5 wave move.
With wave one completed, it is moving slightly down via a gap at the start of the week.
Second leg will be possible to go down this week with a string of exciting economic events coming up most notably the FOMC Interet Rate Decision on Sept 18.
Second Leg Support at Weekly TF = 117.705 level
A short at 119.725 going towards 117.705 is not a bad trade.
Wild swings will be along the way so be careful.
A very good risk reward ratio.
Take care and happy trading!
However, with a string of bullish engulfing candles for 2 consecutive weeks it is now evident that the structure is trying to move up.
By looking at the Weekly & Daily TF Charts It is now evident that the trend is trying to maneuver a new 5 wave move.
With wave one completed, it is moving slightly down via a gap at the start of the week.
Second leg will be possible to go down this week with a string of exciting economic events coming up most notably the FOMC Interet Rate Decision on Sept 18.
Second Leg Support at Weekly TF = 117.705 level
A short at 119.725 going towards 117.705 is not a bad trade.
Wild swings will be along the way so be careful.
A very good risk reward ratio.
Take care and happy trading!
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.