On the 4HR of the EURJPY we have a Higher High and a newly formed Higher low which has also formed with an inverted head and shoulders. This is good setup with a nice Risk to Reward Ratio. I'm anticipating a new higher high formation which would also be a wave 3 off the initial impulse move that started around the 7th of May 2020. Our stop loss is currently below...
EURJPY is still looking bullish. Price has been stalling in a tight zone for quite a while and the next move could be explosive!
EurJpy - Daily H4 chart- Price dropped into a weekly area of demand which gives us a good trigger to enter longs with a tight stop.
EURJPY Daily time frame - I am anticipating a break out to the upside from the current consolidation on daily and weekly charts. targeting fib extension levels