EUR/JPY has been riding some corrective waves recently on its way to the outer boundaries of higher timeframe structure. I decided to take a short term buy in order to ride the shorter term move in preparation for bigger things.
Some confluence for me is as follows:
- corrective structure in the form of an ascending channel, interacting with higher timeframe structure
- the three touch method is in play here with the third touch approaching
- looking for some slow down in momentum in order to enter shorts
- larger timeframe structure suggests the market is due a move downwards before coming back up
That is my take on EUR/JPY for the coming weeks in 2020. Happy trading all!
Some confluence for me is as follows:
- corrective structure in the form of an ascending channel, interacting with higher timeframe structure
- the three touch method is in play here with the third touch approaching
- looking for some slow down in momentum in order to enter shorts
- larger timeframe structure suggests the market is due a move downwards before coming back up
That is my take on EUR/JPY for the coming weeks in 2020. Happy trading all!