Hello and welcome to my Trade Idea of the currency pair EUR/JPY.
Lets start with the Top Down Analysis.
Monthly: We see a big bearish candle and overall a bearish momentum. The price is in the MONTHLY RESISTANCE area which makes a retrace very likely.
Weekly: Overall the trend is bearish. The last 2 weeks are bullish because the trend must rectrace after the huge bearish move over the last weeks.
Daily: The trend is falling and rising but general bearish.
H4: We see a bearish engulfing candlestick formation at the trendline, which most likely causes a bearish move.
Trade Set up:
Entry: 122.565
Stop Loss: 123.010
Take Profit: 121.224
Wish you all a good day.
Lets start with the Top Down Analysis.
Monthly: We see a big bearish candle and overall a bearish momentum. The price is in the MONTHLY RESISTANCE area which makes a retrace very likely.
Weekly: Overall the trend is bearish. The last 2 weeks are bullish because the trend must rectrace after the huge bearish move over the last weeks.
Daily: The trend is falling and rising but general bearish.
H4: We see a bearish engulfing candlestick formation at the trendline, which most likely causes a bearish move.
Trade Set up:
Entry: 122.565
Stop Loss: 123.010
Take Profit: 121.224
Wish you all a good day.
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A huge gap has unfortunately stopped us out.