EURJPY SHORT THESIS
• Weekly: Price is in expansion phase and I do expect the minor bullish channel to be broken to the downside and for price to fall to monthly support 124.50. Last weeks candle closed as a pin bar at 129.88 resistance + 0.50 Fibonacci level to bearish momentum is to come.
• Daily: Price couldn’t break through 129.87 4hr resistance and for tweezer tops then made its way down with a strong bearish candle breaking through 129.40 daily level. Price is expected to now fall and reach 128.50 weekly support.
• 4hr: New bearish leg was formed at 128.74 support. Price is expected to retrace to 129.40 daily resistance + 0.50 Fibonacci level before shorting to 128.50 psychological level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.