Overall break of Bullish trendline within the 4-hour timeframe places EURJPY in a bearish structure however the HL at 124.300 has not been breached yet.
Thus will be looking at a long entry at 124.300 with a R:R of 3.2 towards 125.400 where i would take partial profits via scaling. Should the bullish momentum hold past 125.400, Will be well positioned to ride the wave towards new highs
125.400 presents the possibility of the right shoulder forming resulting a shift in momentum to bearish, should an Appropriate Signal be given at 125.400, I will enter short with the 123.000 target in play and a R:R of 8.79
Brexit news has shown no progress has been made between EU and UK
Will be keeping a close eye of EURJPY during the next week especially regarding the EXY and JXY
Thus will be looking at a long entry at 124.300 with a R:R of 3.2 towards 125.400 where i would take partial profits via scaling. Should the bullish momentum hold past 125.400, Will be well positioned to ride the wave towards new highs
125.400 presents the possibility of the right shoulder forming resulting a shift in momentum to bearish, should an Appropriate Signal be given at 125.400, I will enter short with the 123.000 target in play and a R:R of 8.79
Brexit news has shown no progress has been made between EU and UK
Will be keeping a close eye of EURJPY during the next week especially regarding the EXY and JXY