EURJPY / H1 / Daily Forex Technical Analysis / 5.29.2019

Hello Traders, welcome to the Daily Forex technical analysis. Today is May 29th, 2019 and we will be taking a look at the Euro against the Japanese Yen. Looking at the overall structure for the EUR/JPY, price action is in a clear downtrend. Taking a deeper dive into the 1 hour time frame were looking for price action to bounce here towards the previous support zone at the 122.29 area which could act as resistance now. On a pullback to the 122.29 resistance area we will be looking to enter a Short if the conditions are profitable while exercising great risk management. Entry for a Short position near the 122.316 area, with a Stop Loss near the 122.473, and target profit level area of 121.843 for what can possibly be a profitable trade with a 3.01 to 1 R/R.