more than 3 or more influences are showing on a higher timeframe on EURJPY big one being double bottom followed by a bullish engulfing then higher highs etc. the momentum has been building up (ACCUMULATION STAGE) for the past couple of days but I think its now on the mark up stage from today on the daily
head and shoulders on daily
price broke structure @ 1.9600 level
waiting for a retest around that price level which falls in golden fib level between 50 and 61.8% fib retracement level
stop loss placed slightly above the 78.6% fib retracement incase of a fake breakout @ golden fib lvl
tp1 @ 61.8% fib ext level
tp2 @ 1 fib ext level ---which completes the head...
price is @ support level and higher low has formed on 4h.
momentum is currently slow because we need enough buyers to confirm the move.
stop loss is below the support line because it has proved impossible to break several times.
tp1 @ 61.8 fib lvl and tp2 @ lvl 1 of fib extension
overall direction is bearish. im still expecting price to drop a bit to 0.6750 (aligns with 1 fib level extension)level before retracing to 0.6900 (countertrend) then will look for shorts to 0.6600 level
