EURJPY 4hour Analysis June 21st, 2020
EURJPY Short Idea
Overall higher timeframes are very bearish on this pair despite the huge 4hour rally we saw to our major resistance zone around 123.500
At that zone we saw bears take over price action resulting in a clean reversal which plays into our overall bearish sentiment
We saw a key 1hour bearish transition & now a 4hour bearish transition as the 119.850 has been broken.
To enter short we want to see a retest of that 119.850 level followed by strong bearish setups confirming this short opportunity. Look to target lower toward our major support zone around 116.500
Overall higher timeframes are very bearish on this pair despite the huge 4hour rally we saw to our major resistance zone around 123.500
At that zone we saw bears take over price action resulting in a clean reversal which plays into our overall bearish sentiment
We saw a key 1hour bearish transition & now a 4hour bearish transition as the 119.850 has been broken.
To enter short we want to see a retest of that 119.850 level followed by strong bearish setups confirming this short opportunity. Look to target lower toward our major support zone around 116.500
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