EURJPY, Short idea

19 Tem 2020

After taking a look at this pair before the market open, I can see that price is clearly trending up on all time frames but we have reached a stronger level of resistance on the daily time frame. This is because the area has been rejected multiple times in the past on the daily and has not formed a double top formation on the H4 and H1. That is a very technical bias to the downside later on. If price moves to the downside more as the new week begins and breaks the trendline below i will be looking and waiting for a clear retest of a previous supported zone and then take my trade from there.

Remember everything i post is just my outlook on the market and is never set stone!
Thanks, and trade safe.

I tend to react to what is happening in the market as it presents itself but sundays before the market opens i like to look forward for the week and suggest future price movements.