EURJPY is showing bearish price action in the PRZ of multiple confluent harmonic patterns. After completing a bearish bat, price was rejected at the PRZ and is retesting the reversal area. In this area we have two bearish butterflies that have completed at trendline resistance and a bearish Wolfe wave setup as well. To add to the bearish bias, two unhit weekly pivots sit below price. Confluence in the PRZ:
1. Bearish bat pattern completion
2. Two bearish butterfly pattern completions
3. Unhit weekly pivots below price
4. Bearish Wolfe wave setup
5. Trendline resistance
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Note
Target 1 has been achieved. I have moved SL to breakeven and left all positions open due to heavily bearish PA.. My short EURJPY is hedged with a long EURAUD trade.Trade closed: target reached
Target 2 Reached: +181 Pips*Those who closed at WW Target line banked +250 Pips
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.