EURJPY 4hour Analysis June 28th, 2020
EURJPY Short Idea
The overall trend on this pair is bearish, however, we have seen a strong 4hr bullish trend push price action up toward a major resistance level around 123.400
From that level we saw price action swiftly reverse and began forming a descending channel which is in line with the overall bearish sentiment
Currently we have two potential scenarios of how this could play out
1.Price action continues lower after rejecting 120.500. Look for a break and retest of 119.500 followed by strong bearish setups confirming a lower high. Target toward the monthly support around 116.500 (Trade Path #1)
2.Price action pushes higher and breaks 120.500. Look for a confirmed higher low and target significant resistance zone as profit levels like 121.500 & 123.400 (Trade Path #2)
The overall trend on this pair is bearish, however, we have seen a strong 4hr bullish trend push price action up toward a major resistance level around 123.400
From that level we saw price action swiftly reverse and began forming a descending channel which is in line with the overall bearish sentiment
Currently we have two potential scenarios of how this could play out
1.Price action continues lower after rejecting 120.500. Look for a break and retest of 119.500 followed by strong bearish setups confirming a lower high. Target toward the monthly support around 116.500 (Trade Path #1)
2.Price action pushes higher and breaks 120.500. Look for a confirmed higher low and target significant resistance zone as profit levels like 121.500 & 123.400 (Trade Path #2)
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