This is a bit of a GUTSY longterm analysis on my part but its all in good fun and profit if it plays this way.
1. I have an upward trendline showing EURJPY is in an uptrend with 2 Higher Highs
2. I see wave 4 seeking completion at the 61.8% Fib which confluences with the upward trendline. Hopefully this will create our 2nd Higher Low!
3. I see a beautifully completed BAT harmonic pattern which is currently trying to achieve its TP2 at 61.8% Fib. Anyone looking to sell to 61.8% has 300 pips in store!!!
Entry Logic
I am looking to enter the trade
Entry 1 - at $122 which is where the 61.8% Fib meets the upward trendline
Stop Loss is below the 61.8% Fib
If price breaks below the uptrend blue line, I will stand down and wait for it to go back in.
1. I have an upward trendline showing EURJPY is in an uptrend with 2 Higher Highs
2. I see wave 4 seeking completion at the 61.8% Fib which confluences with the upward trendline. Hopefully this will create our 2nd Higher Low!
3. I see a beautifully completed BAT harmonic pattern which is currently trying to achieve its TP2 at 61.8% Fib. Anyone looking to sell to 61.8% has 300 pips in store!!!
Entry Logic
I am looking to enter the trade
Entry 1 - at $122 which is where the 61.8% Fib meets the upward trendline
Stop Loss is below the 61.8% Fib
If price breaks below the uptrend blue line, I will stand down and wait for it to go back in.