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Eur/Jpy pullback expected. Opportunity to shift long positions

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Hi people. This is my first post here on TradingView so let’s see how we go.

Here is an idea that I hope can help or give an alternative idea to people looking for other opinions.

Stochastic has been in the high overbought range on the daily for an extended period now & has also been in the overbought range for an extended period on the 4hr chart so we may start to see some resistance over the coming week.
The 100MA will also provide some strong resistance on the weekly chart.

Because of this I’m thinking that this could possibly provide bulls with a great opportunity to hedge positions & lower the entry point of longer term buy positions.

I’m aiming for Fib retracement level somewhere between the 0.618 (120.598) & 0.5 (119.420) range.

Overall longterm sentiment still remains very bullish at this stage but some short term resistance could come in to play over the coming days.

Good luck to all traders 🍀

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**UPDATE**

So far Eur/jpy is trending to plan and not too much has changed.

A head and shoulder pattern has formed on the 1 hour & 4 hour charts so I’m thinking at this stage that there will be some minor support from the current level down to approximately 121.300.

The first target is still currently the 0.618 Fibonacci retracement level which sits at 120.598.

Just remember to remain cautious as the overall longer term trend still remains bullish.

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**NOTE**

If anyone is wondering, I use a reverse Fibonacci method. It provides some key levels as well as some Fibonacci extension levels.

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**UPDATE**

I have been slowly closing my sell positions over the past 24 hours.

The next 4-12 hours may give a good indication of whether the longer term bullish trend will continue & this shorter term bear trend has come to an end.

I’m still holding some positions for my target Fibonacci retracement level, although if market conditions change which remains a 50-50 for me at this stage, then all short positions will be closed out and long positions will be placed.

I will update you when a trading move is made.

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It’s currently trending down the diagonal Fibonacci Retracement line so sell orders are still running.

It looks like the minor bull retracement is weakening rather than trending with the longer term trend so the 0.618 Fibonacci retracement level is still well and truly in play at this stage. I’ve slightly increased sell order size and hopefully we can see a another fall to that level over the next 24hrs.

Still remember to remain very cautious because the market could continue the longer term bullish trend at any time within the current range.