EURJPY has formed a Triangle Pattern with a Rising Support and Resistance Zone @ 169.5 - 169.7 area.After the False Breakout last week on Friday, we see Price falls back within the Pattern and finds strong Resistance from the zone.
Now based from the High - to Low - to Lower High where price made a 50% - 61.8% Retracement, we can plot the Trend Based-Fib Tool that suggests with the change of trend ( Price printing a Lower High ) we can expect Lower Prices to come and potentially a Bearish Breakout to the pattern!
First we will want to see where the next Lower Low will be ( currently @ 168.934 ) then wait for a Retracement to a favorable Fibonacci Level based from the Lower High to Lower Low.
Fundamentally, the EUR will have CPI Flash Estimates on Tuesday, and multiple Services PMI on Thursday with ECB President Lagarde speaking Tuesday and Wednesday. This could add volatility!!
Stay Tuned!
Trade active
EURJPY makes a successful retest of the Break after making a touch of the 34 EMA and 38.2% retracement level
We will want to see Price continue to the downside from here!
Short Entry - 168.95
SL - 169.26
TP - TBD
Trade closed: stop reached
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
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.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
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.