EURJPY - restesting resistance level
PA broke out of rising wedge and come back to retest the support level. Pin bar form. Although small, we might see some good PA back up.
Price closing above : 1. 161.7 Fib extension on H4. 2. D tf Support level.
1. PA broke resistance and then form a 2 bar reversal on D. 2. On H4, pin bar at previous resistance suggesting PA should head lower. 3.enter with anticipation PA will head to 61.8 fib
1. PA broke support on D tf and retest. so far PA is retesting the previous support and holding. 2. On H4, PA make lower low and no higher high suggesting PA should head lower. 3. Enter on 38.2 fib and target next support structure on D tf.
PA show support at 161.8 fib extension which is also a support level with a Pin bar.
Reason for execution - Pin bar form at: 1. D resistance 2. 1.0 previous fib structure 3. 161.8 fib extension
PA has showing rejection of 0.886 Fib and 1.27 extension on D tf. PA has not reacted to any level of the fib therefore I expect PA to retrace slightly given the bearish engulfing bar on H4.
Pin bar on D tf at fib 50.0 retracement and resistance level.
PA close above 38.2 Fib on D tf after strong move upwards and retracement. expect continuation move upwards.
PA closes above 38.2 Fib and Pin bar form on H4. which also happen to be support level on D tf.
multi fib confluence on D tf and a pin bar on H4.