EURJPY Long Idea
Higher timeframes have been primarily bearish but we saw a clear break of our daily descending channel
We are now seeing a strong bullish trend establish itself. Price action pushed all the way up to our major resistance zone around 123.500
From here we have two potential scenarios:
Price action momentum continues and pushes higher into our next range. We will re-analyze but continue with a bullish outlook.
Price action reverses from the current level and heads toward a key fib level
The blue arrow represents scenario 1 and is the likely trade path for this 4hour trend
The orange arrow represents scenario 2 and is only a pullback in an overall bullish trend
Higher timeframes have been primarily bearish but we saw a clear break of our daily descending channel
We are now seeing a strong bullish trend establish itself. Price action pushed all the way up to our major resistance zone around 123.500
From here we have two potential scenarios:
Price action momentum continues and pushes higher into our next range. We will re-analyze but continue with a bullish outlook.
Price action reverses from the current level and heads toward a key fib level
The blue arrow represents scenario 1 and is the likely trade path for this 4hour trend
The orange arrow represents scenario 2 and is only a pullback in an overall bullish trend
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.
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.