EURJPY - Bullish setup in the works
After breaking to new lows price found resistance at previous support, which has confluence with the 50% Fibonacci level.
However, the trend did not continue, forming a higher low. Price has again come into this area of support formed by the higher low, forming a double bottom on the hourly chart (not shown).
A long trade here has two nice targets: the recent high at the 50% Fib and then the 61.8% Fib which has confluence with the 127% Fib level.
It could be the start of some consolidation, so caution is advised.
However, the trend did not continue, forming a higher low. Price has again come into this area of support formed by the higher low, forming a double bottom on the hourly chart (not shown).
A long trade here has two nice targets: the recent high at the 50% Fib and then the 61.8% Fib which has confluence with the 127% Fib level.
It could be the start of some consolidation, so caution is advised.
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