EURJPY Forecast and Trading Plan (Big move ahead?)
Hey Traders,
Looking at the EURJPY chart. I can see a potentially a bit of strength coming into the Japanese yen as a pullback after the previous losses felt in March. It will be interesting to see how the chart reacts. I'm looking here on the euro because I still am seeing euro weakness given the current circumstances with Russia and Ukraine.
I want the price to be able to pull back up into the supply Killzone, which I've drawn up. As you can see I have drawn a forecast in the analysis. That is a perfect scenario on how I would like this trade to play out. I want to see us get up into this supply Killzone and form a trend line on its way. Once we tap into that supply Killzone, I'll be looking for a solid push away from it. Indicating that orders are there to be filled, followed by a break of trend plus a break of structure and I will take this down.
Now we've got a lot of room to take this down if we do start moving this way, the overall analysis of despair is on the 4H chart. So it does give us a lot more room and a lot more time to push this lower. But First things first, I need price to pull back into this area so will watch it closely and see what happens.
What are your predictions on the EURJPY chart?
Looking at the EURJPY chart. I can see a potentially a bit of strength coming into the Japanese yen as a pullback after the previous losses felt in March. It will be interesting to see how the chart reacts. I'm looking here on the euro because I still am seeing euro weakness given the current circumstances with Russia and Ukraine.
I want the price to be able to pull back up into the supply Killzone, which I've drawn up. As you can see I have drawn a forecast in the analysis. That is a perfect scenario on how I would like this trade to play out. I want to see us get up into this supply Killzone and form a trend line on its way. Once we tap into that supply Killzone, I'll be looking for a solid push away from it. Indicating that orders are there to be filled, followed by a break of trend plus a break of structure and I will take this down.
Now we've got a lot of room to take this down if we do start moving this way, the overall analysis of despair is on the 4H chart. So it does give us a lot more room and a lot more time to push this lower. But First things first, I need price to pull back into this area so will watch it closely and see what happens.
What are your predictions on the EURJPY chart?
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