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EURJPY: Can We Hold?


Monthly Time Frame: Starting on the higher time frames, we can see price is in the middle of this monthly range 123.000-116.500 psychological. By scaling down further we should gain more insight on market direction.

 

Weekly Time Frame: The weekly we can see that price is ranging around the midway point of this range. If price manages to stay above 118.500-119.000 psychological, then we can anticipate bullish momentum to 121.250- 123.000 psychological. We can see this play out considering price is making higher lows. Although we do see a head and shoulders formation in confluence with the cross of the moving averages. With the being said if price breaks and closes below 118.500 key psychological, then we can look to sell this down to 116.500.


 

Daily Time Frame: Scaling down to the daily we can see price break and retest previous support/resistance zones as new support. By reading price action we can see price rejecting this newfound support (119.500 key psych). If price maintains above this zone, we can look to buy to 121.250 quarterly psychological.

 

4Hr Time Frame: Scaling down we can see an inverted head and shoulders formation in confluence with a double bottom formation in confluence with two rejection candles. Due to uncertainty of market fluidity, risk management is key.

 

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