EURJPY 4hour Analysis August 9th, 2020
EURJPY Short Idea
On the daily timeframe and below this pair is very bearish.
Current price action is in a retracement and we are looking for long opportunities with the overall bullish trend.
Ideally we would like to see a reversal at the 61.8% with strong bullish setups. We can target higher toward our monthly resistance zone and -27% fib level around 126.250
For us to consider short opportunities we need to see a significant break of 124.000 first with confirming lower highs. The real transition will take place after 122.750 is broken and price action moves below it.
On the daily timeframe and below this pair is very bearish.
Current price action is in a retracement and we are looking for long opportunities with the overall bullish trend.
Ideally we would like to see a reversal at the 61.8% with strong bullish setups. We can target higher toward our monthly resistance zone and -27% fib level around 126.250
For us to consider short opportunities we need to see a significant break of 124.000 first with confirming lower highs. The real transition will take place after 122.750 is broken and price action moves below it.
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