EURJPY

Good Day Dynamic Traders,

Last Thursday's post featured the EURJPY bearish flag which worked out nicely and produced a comfortable 300+ pips.

Since then price has found support close to the 126 area which is also previous support. On the daily timeframe your analysis will show that price is between 2 Fib breather levels. This is not an ideal position as it does not assist identification of possible movement of future price action with ease. Therefore we have to look for other clues.

The 240 timeframe shows price at a previous support which could turn out to be a double bottom and a bounce up. MACD convergence has been present for some time now adding to the confluences. However, this is not yet sufficient to meet the criteria of my trading plan therefore I will wait for further confirmation until which point this will remain on the watchlist.















Good Trading!
Bijal Shah