EURJPY 4hour Analysis June 7th, 2020
EURJPY Long Idea
Higher timeframes have been primarily bearish but we saw a clear break of our daily descending channel
We are now seeing a strong bullish trend establish itself. Price action pushed all the way up to our major resistance zone around 123.500
From here we have two potential scenarios:
Price action momentum continues and pushes higher into our next range. We will re-analyze but continue with a bullish outlook.
Price action reverses from the current level and heads toward a key fib level
The blue arrow represents scenario 1 and is the likely trade path for this 4hour trend
The orange arrow represents scenario 2 and is only a pullback in an overall bullish trend
Higher timeframes have been primarily bearish but we saw a clear break of our daily descending channel
We are now seeing a strong bullish trend establish itself. Price action pushed all the way up to our major resistance zone around 123.500
From here we have two potential scenarios:
Price action momentum continues and pushes higher into our next range. We will re-analyze but continue with a bullish outlook.
Price action reverses from the current level and heads toward a key fib level
The blue arrow represents scenario 1 and is the likely trade path for this 4hour trend
The orange arrow represents scenario 2 and is only a pullback in an overall bullish trend
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