EURJPY Short Idea
Higher time-frames have been very bearish and have held a steep downtrend for over a year
Currently on the daily timeframe we have seen a large retracement to the 88.6% fib level which has left a huge 100 pip wick after news last week
Price action is resting at the weekly level around 121.500 where we are waiting to see if this push will sustain or if it will fall back into the range and begin to push downward once again
If we see price action fall and retest the weekly level we are looking to target toward our lower trend line near 119.600 and major support level. This drop will be about 180+ pips
Higher time-frames have been very bearish and have held a steep downtrend for over a year
Currently on the daily timeframe we have seen a large retracement to the 88.6% fib level which has left a huge 100 pip wick after news last week
Price action is resting at the weekly level around 121.500 where we are waiting to see if this push will sustain or if it will fall back into the range and begin to push downward once again
If we see price action fall and retest the weekly level we are looking to target toward our lower trend line near 119.600 and major support level. This drop will be about 180+ pips