EURJPY SHORT TRADE, BEARISH REVERSAL? 600 PIPS POTENTIAL!! Happy Monday everyone!!
After screening my chart this afternoon, i saw that there is interesting sell signal on Euro / Yen especially at the bigger time frame. Is it possible of the bear take in charge now? hmmm.. Might Be!! but lets take a look what information market currently gives us.
Monthly Time Frame
- Downtrend line potential 3rd touch
- Support breakout 128.803 currently on pullback
- Bearish Engulfing candle: Resistance at 123.318, Support at 120.008
- Sell signal identified
Weekly Time Frame
- Downtrend line potential 3rd touch (similar to monthly time frame)
- Support breakout 121.674 current on pullback
-Bearish Engulfing candle: Resistance at 123.357, Support at 121.259
- Sell signal identified
Daily Time Frame
- Support breakout 122.506
- currently price had already touch this support and move, creating engulfing bearish candle, this where i found my sell confirmation.
*ENTRY POINT EXPLANATION*
H4 Time Frame
- Lower low structure formed, 122.821 as high and 122.075 as our new lower low, breaking 122.212 as last week support.
- Double top formation formed at 122.821 as resistance, WAIT FOR PULLBACK to neckline 122.633, than we can good to sell
If this really monthly reversal movement than we might catch 600 pips more at last support 116.470
Thank you for looking at my analysis, this is my point of view on EUR YEN, whats yours? please let me know on the comment and i hope we can be friends ^^
