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Euro / Japanese Yen

EURJPY Flag in the Flag

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Hi guys, here is my analysis for the week on EURJPY.

Thanks to the SMA(200) we can clearly see that EURJPY is in a strong bearish trend.

At the moment we can see a retracement that formed a bearish flag pattern.
Inside this flag we can see a bullish flag pattern formed in the bullish' trend retracement.

There are 3 possible scenarios:
  • Sell at the bearish flag break (TP1: at the begin of the bearish flag begin at 115.831. TP2: use trailing stop);
  • Buy at the bullish flag break. As confirmation wait that the break happen close as possible to the bearish flag trendline (TP: resistance at the begin of the bullish flag at 121.276);
  • Sell at the resistance at the begin of the bullish flag at 121.276 (TP1: at the begin of the bearish flag begin at 115.831. TP2: use trailing stop).


For any question or suggestion, comment below.
Thanks for reading.
AndreaStimoli
Also on:
Bearish PatternsBullish PatternsEURJPYFLAGFlagneutralSupport and ResistancetrendTrend Lines

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.
Bearish PatternsBullish PatternsEURJPYFLAGFlagneutralSupport and ResistancetrendTrend Lines
AndreaStimoli
Also on:

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.