EURJPY: Long Trading idea
Price is offering a weekly tweezer bottom rejecting both, horizontal and dynamic support at the weekly 50 Exponential moving average , forecasting a potential move higher for next week.
Intraday it's easy to identify an up trend, with price making higher highs and higher lows. Then, recently we are seeing a consolidation and a potentially corrective structure forming. I will be waiting to take a potential long entry of the cluster of support at the 129.5 area which coincides with previous support, fibonacci levels and key moving averages.
Target setting in this case is a bit tricky since we have potential resistance right above, at the 129.8 area, so I would rather take profit if we see excessive volume and rejection patterns that said level.
Intraday it's easy to identify an up trend, with price making higher highs and higher lows. Then, recently we are seeing a consolidation and a potentially corrective structure forming. I will be waiting to take a potential long entry of the cluster of support at the 129.5 area which coincides with previous support, fibonacci levels and key moving averages.
Target setting in this case is a bit tricky since we have potential resistance right above, at the 129.8 area, so I would rather take profit if we see excessive volume and rejection patterns that said level.
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.