EURJPY Short Idea
The thesis:
1. Rising Wedge on the 4H chart which indicates weakness in the bullish trend.
2. Bearish divergence on the 4H chart showing possible consolidation by buyers
3. ATR shrank meaning decreasing volatility but we may see some moves happen just before the weekend.
The antithesis:
1. If Macron wins, expect the wedge to be invalidated and an uptrend to continue. If Le Pen wins this pattern should still be valid.
Probably won't be trading this idea until next week. If the wedge does manage to break to the downside, we could potentially see a gap fill here -> 117.X
1. Rising Wedge on the 4H chart which indicates weakness in the bullish trend.
2. Bearish divergence on the 4H chart showing possible consolidation by buyers
3. ATR shrank meaning decreasing volatility but we may see some moves happen just before the weekend.
The antithesis:
1. If Macron wins, expect the wedge to be invalidated and an uptrend to continue. If Le Pen wins this pattern should still be valid.
Probably won't be trading this idea until next week. If the wedge does manage to break to the downside, we could potentially see a gap fill here -> 117.X
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