EURJPY Long Idea
The monthly and weekly timeframes are very bearish whereas the daily and 4hour timeframe are bullish
Currently we are forming an ascending triangle and are waiting for some sort of breakout opportunity. We can identify two potential scenarios for price action in the near future:
1.Price action breaks to the upside and out of this pattern. Look for the break and retest around 121.500 followed by strong bullish setups which we can enter on and target higher toward major resistance like 123.500 (The blue trade path)
2.Bullish momentum dies off and price action falls out of this pattern. Look for a break and retest confirming a lower high around 120.500 and look to target major support like 119.500 (The orange trade path)
The monthly and weekly timeframes are very bearish whereas the daily and 4hour timeframe are bullish
Currently we are forming an ascending triangle and are waiting for some sort of breakout opportunity. We can identify two potential scenarios for price action in the near future:
1.Price action breaks to the upside and out of this pattern. Look for the break and retest around 121.500 followed by strong bullish setups which we can enter on and target higher toward major resistance like 123.500 (The blue trade path)
2.Bullish momentum dies off and price action falls out of this pattern. Look for a break and retest confirming a lower high around 120.500 and look to target major support like 119.500 (The orange trade path)