EURJPY 1D
Looking at EURJPY from the daily timeframe we can see we're creating lower highs and lower lows, alongside this we're creating range bounding zones allowing double bottoms and double tops top be created meaning we have areas of supply and demand to fall back onto (if we're wanting to take partials at a certain point.)
We could also look at this as a head and shoulders (With a dodgy neckline) which gives us more confirmation we're looking to create a new low. How we'd want to see Fibonacci is A-B-C-D. A being 100% where the peak of price is formed followed by 0%, this is working as the base layer (support zone) from this we'd want to see a retracement from 0-61.60/78.80%, this allows us to have a perfect retrace amount, in this case allowing us to form another lower high. From this we can then expect a new lower low to be created after the lower high is formed. This is more of a swing position.
We could also look at this as a head and shoulders (With a dodgy neckline) which gives us more confirmation we're looking to create a new low. How we'd want to see Fibonacci is A-B-C-D. A being 100% where the peak of price is formed followed by 0%, this is working as the base layer (support zone) from this we'd want to see a retracement from 0-61.60/78.80%, this allows us to have a perfect retrace amount, in this case allowing us to form another lower high. From this we can then expect a new lower low to be created after the lower high is formed. This is more of a swing position.
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