EURJPY Outlook for the week 26/12/16
Firstly Looking at the Weekly and Daily Charts we have come into an Area of resistance.
We have started to see a bit of a bearish move on the Daily, looking on the 4 hr we have a few levels lining up.
We have had a 618 retracement, looking at the Fib Extension of the first impulse leg down and the Fib Inversion of the pull back. The 1.27 and 1.414 levels all fall in an area of previous structure resistance on the Daily.
We have a possible Bear Cypher forming its C completion at the 121.10 level and the C to D leg of a cypher would see us back up to my weekly Key level.
Will watch on the lower time frames to see what happens and for possible entries
We have started to see a bit of a bearish move on the Daily, looking on the 4 hr we have a few levels lining up.
We have had a 618 retracement, looking at the Fib Extension of the first impulse leg down and the Fib Inversion of the pull back. The 1.27 and 1.414 levels all fall in an area of previous structure resistance on the Daily.
We have a possible Bear Cypher forming its C completion at the 121.10 level and the C to D leg of a cypher would see us back up to my weekly Key level.
Will watch on the lower time frames to see what happens and for possible entries
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