EURJPY: Update
Updated
After the previous daily time at mode expiration, price reacted starting a complex correction.
Price target had been exceeded, confirming it was time to exit the short.
Now after correcting and getting a new daily downtrend signal, we're close to that signal's target, but away from the time expiration (dashed red horizontal line is this daily target, vertical light green line is the confluence of the larger weekly downtrend time target and the last daily downtrend time target expiration date).
I expect the euro to outperform the Pound, and this chart justifies this idea, since the GBPJPY chart has ample room to fall, and a different timing and price action.
Rgmov doesn't show any new lows since March 13th, and suggests we might see a bounce soon.
CCI might show a new divergent low, in the form of the red dashed line daily target zone being reached, which I think is a potential reversal area, ideal for a short term long entry to ride the correction, to then fade the top of said corrective rally if price action indicates so.
If we reach the vertical green dashed line time target while above the dashed green line bearish target, we might see a stronger correction or reversal in this pair.
Price target had been exceeded, confirming it was time to exit the short.
Now after correcting and getting a new daily downtrend signal, we're close to that signal's target, but away from the time expiration (dashed red horizontal line is this daily target, vertical light green line is the confluence of the larger weekly downtrend time target and the last daily downtrend time target expiration date).
I expect the euro to outperform the Pound, and this chart justifies this idea, since the GBPJPY chart has ample room to fall, and a different timing and price action.
Rgmov doesn't show any new lows since March 13th, and suggests we might see a bounce soon.
CCI might show a new divergent low, in the form of the red dashed line daily target zone being reached, which I think is a potential reversal area, ideal for a short term long entry to ride the correction, to then fade the top of said corrective rally if price action indicates so.
If we reach the vertical green dashed line time target while above the dashed green line bearish target, we might see a stronger correction or reversal in this pair.
Trade closed: target reached
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