EURJPY 4hour Analysis January 17th, 2021

EURJPY Short Idea

Weekly Trend: Bullish
Daily Trend: Bearish
4hour Trend: Bearish

Trade scenario 1: Overall this pair has been very bullish over the last few months but we recently saw a major transition caused by immense bearish volume. We saw a major break of support at 126.000. Now we’re looking for structure, we want to see a pullback to test the broken zone and confirm a lower high. Look to enter short on a reversal from 126.000

Trade scenario 2: For us to consider long opportunities we need to see a major rally and break of 126.500 with a higher low above.
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