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EURJPY SHORT TRADE IDEA UPDATEPrice violated the previous trendline in which price is rebounding from in my earlier post. Now the price has reached a significant level, and we are observing some bearish price action at this confluence level which consists of 78.6 fib ratio, resistance zone and 3rd bounce of descending trendline. We only need a valid confirmation (breakout of Counter Trend Line) to take advantage of this setup. Hope this is helpful, keep an eye on it. Follow @TheKissForex on Instagram for more Forex setups and tips.
Short
by Veejahbee
EURJPY Short Looks like we could have some momentum to the downside for the euro early in the week. Confirmations: -Daily: Had a strong bullish push to the upside, but saw it stall at a heavy resistance at 133.000 for a couple of days before engulfing about 4 days ago showing we could start to get some bearish movement. Price has also gotten pretty far away from that 62 ema showing that it may be coming back towards it like a magnet. -4h: With price consolidating at that 133.00 level it didn't show much decision in either direction, but late last weak we had a break of the HL to the downside showing we now have more bearish momentum but would need a retrace which is what we are getting at this moment of typing. We did have a market open with a gap to the upside but the past couple of candles look as if they are showing buyer loss in momentum. They have also hit a strong level which has a confluence with a 50% fib level. -1h: Now we did see a breakout above the trend line of the 1h but that was due to a gap in the market so I think it could be a fakeout. But the analysis was similar to the 4h but my entry was due to the most recent engulfing candle that just happened. My SL is at 132.570 & my ultimate target for the week is down below at 130.500 area.
by EsotericTrader
EURJPY Short off ResistanceEntry - 130.045 Target - 129.48 Stop Loss - 130.41 EURJPY has had a run. I expect a brief correction off of an area of resistance (light blue line at 130.23 drawn on a monthly chart). 200MA (dark blue) and 30EMA (green) lines had just crossed. The Ichimoku conversion line (orange) is the only thing preventing a retrace to my target at this point (besides pure momentum), in my opinion. My target will be around where I expect the 30EMA should rise over the next day or so. Stop loss is above recent high and area of resistance. A stop hunt may take me out, but a price jump above this level may keeping climbing. Thanks for looking. -Zedro
Short
by Zedro