EURJPY mixed scenario
The price just broke through the descending trendline on the daily timeframe but is currently situated in a very strong resistance area. A closer look on the Stochastic indicator in the D1 & H4 shows us that a correction is inbound.
In this case, short positions may be opened after the price climbs higher, forming a regular sell divergence on H4 and then falls under the last low with a first profit target situated on the H4 ascending trendline marked with blue and a secondary profit target situated near the bottom of the range. Long positions may be opened in case the price falls in the 38.2-61.8 fibonacci retracement area and bounces from the ascending trendline on H4 while forming a hidden bullish divergence.
In this case, short positions may be opened after the price climbs higher, forming a regular sell divergence on H4 and then falls under the last low with a first profit target situated on the H4 ascending trendline marked with blue and a secondary profit target situated near the bottom of the range. Long positions may be opened in case the price falls in the 38.2-61.8 fibonacci retracement area and bounces from the ascending trendline on H4 while forming a hidden bullish divergence.
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