EURJPY 4hour Analysis May 30th, 2021
EURJPY Long Idea
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: Overall EJ has been very bullish and is currently holding a steady channel. The current level is at a high so we want to wait for a pullback with a nice reversal around a confluence level. Look to enter long after we can confirm a higher low near our 61.8% fib level & target higher toward negative fib levels.
Trade scenario 2: For us to consider EJ bearish we need to see a failure of the channel itself. Look for a lower high to form below support at 133.300 with strong bearish setups. Target lower toward major support levels.
Weekly Trend: Bullish
Daily Trend: Bullish
4hour Trend: Bullish
Trade scenario 1: Overall EJ has been very bullish and is currently holding a steady channel. The current level is at a high so we want to wait for a pullback with a nice reversal around a confluence level. Look to enter long after we can confirm a higher low near our 61.8% fib level & target higher toward negative fib levels.
Trade scenario 2: For us to consider EJ bearish we need to see a failure of the channel itself. Look for a lower high to form below support at 133.300 with strong bearish setups. Target lower toward major support levels.
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