EURJPY | Perspective for the new weekThrusting out of our previous Demand level @ Y126.4, the price moved over 150pips in our direction since my last publication (see link below for reference purposes). Since the Breakout of the Y122.000 level mid last year, the price has continued to find Higher Highs with impressions that support LONG positions from all perspective. It is also very obvious that Key level @ Y125.000 as been a major determinant of price in the last 8 months (since July 2020) as the price continues to remain "Supported".
Tendency: Temporary Downtrend followed by Uptrend ( Bullish )
Structure: Correction wave | Breakout | Supply & Demand | Harmonic (AB = CD)
Observation: i. Following the correction into Y122.000, price have remained bullish.
ii. Since the successful Breakout of Key level @ Y125.000 in December 2020, Buyers have continued to retain price above level hereby confirming the Buying power at this juncture in the market.
ii. Completion of a Harmonic pattern (AB = CD) might see price do a temporary decline from Y129.000 area (supplication area), a set-up characterized by "quick sells" (Correction move) from participants who took advantage of the rally from Y122 level to recover some profit before the anticipated rally.
iii. It is worthy to note that the Y126.000/124.000 zone has a prospect of becoming a very good Demand level in the nearest future.
Trade consciously :)
Trading plan: SELL/BUY confirmation with a minimum potential profit of 500 pips.
Risk/Reward : 1:3
Potential Duration: 7 to 15 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
