Evening Traders,
Today’s analysis – EURJPY – rejecting from liquidity with a bearish engulfing, price is likely to find support at Local S/R.
Points to consider,
- Price Action Reverting
- Local S/R support (.50 Fibonacci Confluence)
- Daily S/R Resistance
- RSI Bullish Control Zone
EURJPY’s immediate price action is approaching Local S/R which is in technical confluence with the .50 Fibonacci, price action has an increased aprobability of bouncing here.
Swing High is the current objective, exceeding this level will increase the probability of testing Daily S/R.
Current RSI is trading in its bullish control zone, mantining these levels will indicate strength in the immediate short term.
Overall, in my opinion, EURJPY is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee
Today’s analysis – EURJPY – rejecting from liquidity with a bearish engulfing, price is likely to find support at Local S/R.
Points to consider,
- Price Action Reverting
- Local S/R support (.50 Fibonacci Confluence)
- Daily S/R Resistance
- RSI Bullish Control Zone
EURJPY’s immediate price action is approaching Local S/R which is in technical confluence with the .50 Fibonacci, price action has an increased aprobability of bouncing here.
Swing High is the current objective, exceeding this level will increase the probability of testing Daily S/R.
Current RSI is trading in its bullish control zone, mantining these levels will indicate strength in the immediate short term.
Overall, in my opinion, EURJPY is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
partner.blofin.com/d/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.