EURJPY: Your Detailed Trading Plan 🇪🇺🇯🇵

20 May 2021

⚠️EURJPY is testing a major weekly structure resistance.
To catch a pullback from that, we need a top-down confirmation.

1️⃣On a daily, the price is trading in a sharp bullish trend.
The market is following a rising parallel channel.
Its resistance matches with the above-mentioned weekly pivot.

2️⃣On intraday time frame the market remains bullish as well.
The confirmation that I look for is a bearish breakout of a rising wedge pattern on 4H.
It will signify a local change in market sentiment, and bearish continuation will follow.

The goal will be a 131.9 level.

❗️If you want to catch a strong swing move,
wait for a bearish breakout of a daily channel. It may trigger a reversal movement.

❗️Also, remember that if the price keeps growing and violates the underlined yellow structure,
the setup will be invalid.

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21 May 2021

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