We have a potential strong bounce from the structural point on EURJPY.
Over the last few sessions, we have seen price printing lower lows without fully breaking lower, this scenario presents to us a high probability trading opportunity.
We have a structure at 129.13 which has been tested this morning. If price continue to rise and close above the 129.68 1WCLOSE we can expect to see a nice rally towards 130.50, and 131.25 this week.
Alternatively, a sharp decline below 129.13 will invalidate the long setup. We will go short below 129.13 for a target of 128.71.
Happy Trading.
Over the last few sessions, we have seen price printing lower lows without fully breaking lower, this scenario presents to us a high probability trading opportunity.
We have a structure at 129.13 which has been tested this morning. If price continue to rise and close above the 129.68 1WCLOSE we can expect to see a nice rally towards 130.50, and 131.25 this week.
Alternatively, a sharp decline below 129.13 will invalidate the long setup. We will go short below 129.13 for a target of 128.71.
Happy Trading.
Trade active
Note
Price encountered strong sellers at 129.57. If we manage to hold this area, more upward momentum is expected. Alternatively, we will close the long position and initiate a short below 129.45Note
Note
In this type of scenario, we have Strong Sellers at 129.57, the 1WCLOSE is also close by at 129.68. We have a nice cushion of 40 pips. Price will decide if alternative scenario will occur. We will close any long and take profit below 129.54Trade closed manually
Sellers wins the battle at 129.57. We have closed our long at 129.54 +34 Pips.Note
Note
follow the Short trade here...
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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.