EURJPY 4hour Analysis 5/31/20
EURJPY Long Idea
This pair is very bullish on this 4hour timeframe and is looking to continue with this trend, however, we are pretty extended at this point a retracement is likely to occur.
Look for a bounce off the 118.500 area which is a confluence area with structure, 50% fib level and clear support.
The blue arrow is the likely trade path for this pair and we will be entering a long position if proper bullish setups present themselves on this timeframe and lower. We could see a strong push all the way up to our weekly resistance level around 121.250
The orange arrow represents the movement in price action needed to consider short positions
This pair is very bullish on this 4hour timeframe and is looking to continue with this trend, however, we are pretty extended at this point a retracement is likely to occur.
Look for a bounce off the 118.500 area which is a confluence area with structure, 50% fib level and clear support.
The blue arrow is the likely trade path for this pair and we will be entering a long position if proper bullish setups present themselves on this timeframe and lower. We could see a strong push all the way up to our weekly resistance level around 121.250
The orange arrow represents the movement in price action needed to consider short positions
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