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Panjang

EURJPY: Gartley & Structure & Fibo Levels

FX_IDC:EURJPY   FX Euro/Yen Jepun
On FX_IDC:EURJPY             , we have seen the sharp price drop on Thursday and it continued on Friday. It seems, the Bears (Sellers) are in control of the price last few days, so question is: when Bulls (Buyers) get their control?

The price hit 1st October low, which is also the support level (133.375). The price bounced on that level twice and it is more likely it will do it again. Sellers are going to take majority of their profits at key zone (133.375), because it is structure low and good resistance. Moreover, new buyers are coming (because price is this month's low) and it will add buying power and the price is more likely to rise. Look at 1H bars, the price tried to break that structure few times, but the resistance level hold it.

There is a valid Gartley pattern too. The price did not exceed X leg and the AB extension of 161.8% exactly hits the key level, which increases the probability of this trade. Also, it is important to note that candles formed Morning Star , which is a sign of reversal. Thus, all these confluences gives traders an opportunity to go Long.
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