EURJPY: current analysis
Evening Traders,
a few potential scenarios on this particular pair:
1) potentially we are in a larger ascending channel structure highlighted with the dotted outer trend lines, if so I see price action going for another move up within structure, but it will be largely corrective and not the best trade-able move, if we do, ideally a high candle rejection with an immediate sell off at the top and a sell area as highlighted in the box, I will be waiting for price action to confirm the significant low at that point if we get there (the box is simply there for illustration purposes)
2) price action could potentially fall out the bottom and retrace all our gains from yesterdays trade, if so once again i will wait for the relevant low and set my order.
3) it could simply just push out of it current structure and then get itself caught in a range as illustrated and then push up.
but I will employ patience and wait for the markets to reveal its direction and i will update if necessary, this is simply my opinion if anyone has any other thoughts let me know. Thank you.
a few potential scenarios on this particular pair:
1) potentially we are in a larger ascending channel structure highlighted with the dotted outer trend lines, if so I see price action going for another move up within structure, but it will be largely corrective and not the best trade-able move, if we do, ideally a high candle rejection with an immediate sell off at the top and a sell area as highlighted in the box, I will be waiting for price action to confirm the significant low at that point if we get there (the box is simply there for illustration purposes)
2) price action could potentially fall out the bottom and retrace all our gains from yesterdays trade, if so once again i will wait for the relevant low and set my order.
3) it could simply just push out of it current structure and then get itself caught in a range as illustrated and then push up.
but I will employ patience and wait for the markets to reveal its direction and i will update if necessary, this is simply my opinion if anyone has any other thoughts let me know. Thank you.
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