EURJPY Daily Analysis 4/5/20
EURJPY Neutral Idea
This pair has been moving with a large amount of volume over the last few weeks.
At the current level it would be too risky to continue shorting although the overall trends on higher timeframes are very bearish
Price action is just too extended to make a good trade at the moment. For us to enter a trade we want to see a retracement to a key fib level and resistance zone.
Ideally a retracement to the 38.2% fib level around the 118.00 area or a retracement to the 61.8% fib level and our monthly resistance around 119.500 would be a good start.
A retracement followed by strong bearish setups is great confirmation to enter. Look to target lower toward our monthly support around 115.500
This pair has been moving with a large amount of volume over the last few weeks.
At the current level it would be too risky to continue shorting although the overall trends on higher timeframes are very bearish
Price action is just too extended to make a good trade at the moment. For us to enter a trade we want to see a retracement to a key fib level and resistance zone.
Ideally a retracement to the 38.2% fib level around the 118.00 area or a retracement to the 61.8% fib level and our monthly resistance around 119.500 would be a good start.
A retracement followed by strong bearish setups is great confirmation to enter. Look to target lower toward our monthly support around 115.500
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