EURJPY
EURJPY has been very bullish but right now a trend change in the 4-hour timeframe.
From where the price is currently it’s looking more likely that price action will continue to fall.
Avoiding bullish buys on this pair for a while now, it looks overbought.
When we analyze price on the daily timeframe, we are currently sitting at a daily non-horizontal resistance level that could warrant a bearish reversal.
When scoping down to the 4H timeframe, the price is also sitting at a lower-timeframe resistance level. This overbought non-horizontal resistance level identifies a great opportunity for sell setups.
We've begun to violate the recent significant support level, showing some bearish movement. If this pair develops a more downtrend structure, I'll be looking for sell setups.
From where the price is currently it’s looking more likely that price action will continue to fall.
Avoiding bullish buys on this pair for a while now, it looks overbought.
When we analyze price on the daily timeframe, we are currently sitting at a daily non-horizontal resistance level that could warrant a bearish reversal.
When scoping down to the 4H timeframe, the price is also sitting at a lower-timeframe resistance level. This overbought non-horizontal resistance level identifies a great opportunity for sell setups.
We've begun to violate the recent significant support level, showing some bearish movement. If this pair develops a more downtrend structure, I'll be looking for sell setups.
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