EURJPY SHORT 2 SCENARIOS
**Trade Plan Included**
**Name asset/time frame** EURJPY
**Entry:**REJECTION OF KEY LEVEL OR BREAK OF TL
**Exit:**1.27092
**Size of the trade:** .04 LOTS
**Starting Balance**TBD
**Ending Balance:**TBD
**Profit /Loss:**TBD
In the EURJPY we are facing a bearish scenario after a rejection on the daily rejection of 129.000 handle. Currently support zone at 1.28545 holding price and now we are Wating for price to continue bullish momentum and test the resistance at 1.29800 support zone.
Scenario 1) Bullish breakout/Key level rejection - Using our volume tools, we are looking for a breakout and retest in order to enter trade once it rejections key level at or around 1.2980 with a pin-bar rejection or double top formation.
Scenario 2) Bullish breakout/Failed breakout - So far Price is currently -converging to a point of a assymetrical triagnle forming 1-HL, and 1-LH, which has a high probability of breaking out but if momentum isn't there, we could see a drop back to support where sellers can;push price down in an attempt to break support and therefore testing the decending trendline.
**Fundamental analysis**
Weeks still and a EUROZONE faces problems within it's zone, deal agreement seems to be on the forefront, along with stalled negotiations with the UK Governemtn. It's decision to tighten economic policy and begin unwiding its quantitative easing program would have normally provided confidence in this pair however, there is trepedation among commercial investors seeking less riskier assets in light of a lagging growth in Equities market. This due to trade war concerns specifically with US and China. “The EURJPY is highly sensitive to global macro concerns and the equities market. The advantage will go to the YEN as historically being a SAVE haven asset; a go to for investors seeking higher yeild.
**Technical analysis**
Market action: shows bullish momentum on higher DAILY TF showing medium bullish trend above our 21 day moving average support.
Price action: current resistance is 100 sma indictating selling pressure, but price is moving bullish towards this ema. Price shows price is completing a zig zag formation nearing the end abcd corrected pattern and symmetrical triangle on lower TF.
**Money Management**
1% RISK
**Trade Plan**
We intend to shoot for 3:1 RR trade, until we reach TP, as there are two take profits at each support level. 1.29 and 1.278 or fibonacci level. We will be moving our stop after 50 pips of profit. If price breaks its lower trendline,
**Name asset/time frame** EURJPY
**Entry:**REJECTION OF KEY LEVEL OR BREAK OF TL
**Exit:**1.27092
**Size of the trade:** .04 LOTS
**Starting Balance**TBD
**Ending Balance:**TBD
**Profit /Loss:**TBD
In the EURJPY we are facing a bearish scenario after a rejection on the daily rejection of 129.000 handle. Currently support zone at 1.28545 holding price and now we are Wating for price to continue bullish momentum and test the resistance at 1.29800 support zone.
Scenario 1) Bullish breakout/Key level rejection - Using our volume tools, we are looking for a breakout and retest in order to enter trade once it rejections key level at or around 1.2980 with a pin-bar rejection or double top formation.
Scenario 2) Bullish breakout/Failed breakout - So far Price is currently -converging to a point of a assymetrical triagnle forming 1-HL, and 1-LH, which has a high probability of breaking out but if momentum isn't there, we could see a drop back to support where sellers can;push price down in an attempt to break support and therefore testing the decending trendline.
**Fundamental analysis**
Weeks still and a EUROZONE faces problems within it's zone, deal agreement seems to be on the forefront, along with stalled negotiations with the UK Governemtn. It's decision to tighten economic policy and begin unwiding its quantitative easing program would have normally provided confidence in this pair however, there is trepedation among commercial investors seeking less riskier assets in light of a lagging growth in Equities market. This due to trade war concerns specifically with US and China. “The EURJPY is highly sensitive to global macro concerns and the equities market. The advantage will go to the YEN as historically being a SAVE haven asset; a go to for investors seeking higher yeild.
**Technical analysis**
Market action: shows bullish momentum on higher DAILY TF showing medium bullish trend above our 21 day moving average support.
Price action: current resistance is 100 sma indictating selling pressure, but price is moving bullish towards this ema. Price shows price is completing a zig zag formation nearing the end abcd corrected pattern and symmetrical triangle on lower TF.
**Money Management**
1% RISK
**Trade Plan**
We intend to shoot for 3:1 RR trade, until we reach TP, as there are two take profits at each support level. 1.29 and 1.278 or fibonacci level. We will be moving our stop after 50 pips of profit. If price breaks its lower trendline,
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.