Euro / Japanese YenUpdated EUR/JPY Long/Short Scenarios and Chart Analysis
Chart Feedback(Daily Chart)
1. Price has been oscillating within September Low and late Oct. High for some time now.
2. Current price level at minor support level
3. EMA's 21,100 have been crossed from above suggesting price might continue to fall
4. A triangle between Main and the Sub trend is closing making the price moves tighter
5. Head and Shoulders is forming
Important Levels to watch:
164.525 Last week high which is also last resistance zone
161.250 Last Low
Trend Scenarios
S1 Long. Rejection from current area, the move up will be difficult as there are couple of resistance levels very close to each other.
S2 Short. Bearish momentum continues and good space to move, I would expect support at 159.878 and 157.843 so entering in rallies wouldn't be a bad idea.
Trade Ideas(4 Hour Chart)
S1 Long. To trigger a long trade I want to see a break and retest at the current level 162.000, EMA's cross, Current Trend line cross, and bullish candle sticks.
Target 1 164.528,
Target 2 166.000
S2 Short For short positions I will only look for break and re-test of the current level as the rest of the signals (For Me) are all set up for sell.
Target 1 160.000
Target 2 158.850
I hope there was anything useful for any of you!
Trade mindfully
1. Price has been oscillating within September Low and late Oct. High for some time now.
2. Current price level at minor support level
3. EMA's 21,100 have been crossed from above suggesting price might continue to fall
4. A triangle between Main and the Sub trend is closing making the price moves tighter
5. Head and Shoulders is forming
Important Levels to watch:
164.525 Last week high which is also last resistance zone
161.250 Last Low
Trend Scenarios
S1 Long. Rejection from current area, the move up will be difficult as there are couple of resistance levels very close to each other.
S2 Short. Bearish momentum continues and good space to move, I would expect support at 159.878 and 157.843 so entering in rallies wouldn't be a bad idea.
Trade Ideas(4 Hour Chart)
S1 Long. To trigger a long trade I want to see a break and retest at the current level 162.000, EMA's cross, Current Trend line cross, and bullish candle sticks.
Target 1 164.528,
Target 2 166.000
S2 Short For short positions I will only look for break and re-test of the current level as the rest of the signals (For Me) are all set up for sell.
Target 1 160.000
Target 2 158.850
I hope there was anything useful for any of you!
Trade mindfully
Trade active
The price action in the last day has been confirming the bearish bias, yesterday the price fail to break the previous high at 163.000 level, very comfortable short entry with beautiful reverse U-Turn chart pattern at the 4 hour time frame and then hit the 1st Target. Today and tomorrow will be important for the current trend, as now the price is re-testing 160.00 where the price was rejected on Monday. I will look for short entries if the price closes below 160.000. For my plan and strategy currently I'm not considering long entries until I don't see a new HL at the 4 Hour time frame.
Note
These are two more short entries i did today at the one hour time frame following this trading plan.
Trade closed: stop reached
Note
EJ continues to obey to the down slopping sub-trend line, 161.100 and 160.000 are the levels i will be watching at, if they don't hold the next target will be 156.500 zone.
Have fun
Note
Head and shoulders completed, creating some beautiful short sells.
As EJ reached a super important level for the trend, a new scenarios will be published soon for mid February and mid March trend.
Follow to don't miss out any updates.
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.
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.