100 pip potential on EURJPY
Our pair used to move in a bullish channel for a long time. Recently the uptrend momentum started fading out and we noticed that Euro-Yen was moving in a smaller bearish channel inside of the bigger bullish channel. Today we see that the price violated the lower limit of the bullish channel which indicates a possible bearish move to the closest big support which is 100 pip lower from the current resistance level.
Personally I would never enter a trade unless I see a break and retest of the S/R level we're at right now. A breakout without a retest could be a thing this time as well but there's also a probability of a fakeout so I will avoid trading a breakout without a retest at this point.
Thanks for your time and happy trading!
Personally I would never enter a trade unless I see a break and retest of the S/R level we're at right now. A breakout without a retest could be a thing this time as well but there's also a probability of a fakeout so I will avoid trading a breakout without a retest at this point.
Thanks for your time and happy trading!
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