EURJPY Short term LongThere's potential of a trend turnaround due to an inverse head and shoulders pattern forming along with finding support on the dynamic 618 fib level and the 50 EMA.
Price has now broken above the 200 EMA and is currently at an area of resistance. This could create a retracement back to the 618 fib level (white line) and continue in a bullish momentum. Failing support at 116.50 level then this idea becomes void.
COT data shows JPY is neutral and has nearly 50/50 split but EUR still has a short bias which is why I think this would be short term and client sentiment is currently 54% short.
This is my first public idea so go easy on me :) and I welcome constructive feedback.
EJ
EURJPY (short)Reason For Entry
- The brake of 4H trendline
- A retest of 1H resistance
- .5 Fib retracement
Reason For SL
- Above highs
- Inside 4H trendline
- Above strong resistance
Target
- Targetting previous lows
Comment
- This trade I had lined up since the market close on Friday, however, I never placed an order to enter as I wanted to see where market open.
- Ideally, I should have been more focussed and kept a close on this trade as its running at around 8% with zero drawdown
- Next time I will be sure to keep a close eye on market open and proceed from there
EUR JPYHedging trade -
Our long order was taken during the Asian session, from here we hit a block of orders
JPY is strong in times like these with fundamental news and a safe haven asset so we expect weakness on the Euro however this pair fakes out alot
so we have multiple opportunities to enter in the range
Over Bearish due to the environment.
Any questions - leave a comment and we can discuss!
EURJPY LONG 4HHere EJ has rejected low-lows with lots of liquidity at the bottom demand level, EU is working on trade deals this week which should give the market a catalyst needed for an uptrend. Risk, is due to cornavirus with JPY acting as a safe haven for risk off trading so if entered please keep an eye.
EURJPY Short from Bear Power Point As you can see Bears Defend their first " Power Point" ,
The Power Points #2 and #3 were taken by fast impulse ( which points us for new SHORT players), this impulse looks "artificial".
Usually "artificial" movement knows as " Empty Price Zone", which will be covered very fast
Always look for a price structure to find an entry!