EURJPY Short Idea
Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish
Overall this pair is very bearish and is a bit overextended. We are looking to continue with the bearish trend but need to see a high probability setup to enter on.
Trade scenario 1: Price action pulls back to form structure and then continues bearish. Look to enter on a lower high after structure at the 38.2% fib is formed. Target lower toward major support around 120.800
Trade scenario 2: For us to consider long opportunities we need to see a break and retest of our 4hour resistance level at 123.000. Enter long on strong bullish setups after the confirmed higher low. Target major resistance at 124.700.
Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish
Overall this pair is very bearish and is a bit overextended. We are looking to continue with the bearish trend but need to see a high probability setup to enter on.
Trade scenario 1: Price action pulls back to form structure and then continues bearish. Look to enter on a lower high after structure at the 38.2% fib is formed. Target lower toward major support around 120.800
Trade scenario 2: For us to consider long opportunities we need to see a break and retest of our 4hour resistance level at 123.000. Enter long on strong bullish setups after the confirmed higher low. Target major resistance at 124.700.