EURJPY Short Idea
Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bullish
Trade scenario 1: Price action is still looking bullish overall but remains within a wide range. Currently we are seeing a bullish wedge form and could see a break to the upside. To enter long look for a break and retest of the pattern. Enter long on strong bullish setups and target higher toward key resistance levels.
Trade scenario 2: If price action fails to push higher wait for a break of support. Ideally we need a lower high to form within the daily bearish channel before we can consider entering any short positions.
Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bullish
Trade scenario 1: Price action is still looking bullish overall but remains within a wide range. Currently we are seeing a bullish wedge form and could see a break to the upside. To enter long look for a break and retest of the pattern. Enter long on strong bullish setups and target higher toward key resistance levels.
Trade scenario 2: If price action fails to push higher wait for a break of support. Ideally we need a lower high to form within the daily bearish channel before we can consider entering any short positions.