EURJPY SELL - Top Down Analysis
EURJPY Sell Analysis: EJ has been in a downtrend since early 2014. On the 5th June 2020 we saw the pair make a new Lower High. Ever since then we have seen bearish movement towards a new lower low.
On the 5th June, I saw the following conditions which makes me believe price is heading towards a new lower low;
-Descending Weekly Trend Line - 2nd Touch
- 4hr Price Action Rejection
- 124.000 Psyche Level
- Structure Level
- Stoch Overbought
- Golden Pocket Fib Zone
- Monthly 51 EMA
- Weekly Divergence
Unfortunately I missed the mark on the 5th June so I am looking for a later entry. Looking to enter this trade once the cloud turns red on the Daily Time Frame.. I will then take TP1 at the 0.0% Fib and TP2 at -23.60% Fib.
NOTE: This is a swing trade, so may take several weeks/months to hit either of these take profits.
On the 5th June, I saw the following conditions which makes me believe price is heading towards a new lower low;
-Descending Weekly Trend Line - 2nd Touch
- 4hr Price Action Rejection
- 124.000 Psyche Level
- Structure Level
- Stoch Overbought
- Golden Pocket Fib Zone
- Monthly 51 EMA
- Weekly Divergence
Unfortunately I missed the mark on the 5th June so I am looking for a later entry. Looking to enter this trade once the cloud turns red on the Daily Time Frame.. I will then take TP1 at the 0.0% Fib and TP2 at -23.60% Fib.
NOTE: This is a swing trade, so may take several weeks/months to hit either of these take profits.
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