I believe EUR/JPY has the potential to go down some more. The reason being so is because of the market structure that was set in the 4 Hours Timeframe and this allows me to pivot my bias into shorting EUR/JPY base on the given risks levels. If the price breaks those levels then I will consider this set up fail but if it doesn't break and actually follows how the analysis is. I would be looking for a long position on the down side
Trade closed: target reached
Last week the price has touched our medium risk zone and it dropped to its expected reversal area. Price managed to drop at least 250 pips before it started to reverse its direction.
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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.