Preparing for 2 scenarios here on EURJPY . Both with a bias to the upside.
1. The next 4HR candle closes above within the 0.618 fib.We've seen many wicks and buy orders come in at this level previously. This is currently looking more risky as we haven't seen much momentum exhaustion.
2. As the blue bars show, we drop to the grey area shown, which coincides with the trend as well as the 0.786 fib retracement & the 123.50 psychological level.
SL at 123.00
TP1 - 124.50
TP2 - 125.00
These are purely my ideas. No guarantee that the markets will move this way. Please follow and comment, I would love to hear if you have the same or differing ideas.
1. The next 4HR candle closes above within the 0.618 fib.We've seen many wicks and buy orders come in at this level previously. This is currently looking more risky as we haven't seen much momentum exhaustion.
2. As the blue bars show, we drop to the grey area shown, which coincides with the trend as well as the 0.786 fib retracement & the 123.50 psychological level.
SL at 123.00
TP1 - 124.50
TP2 - 125.00
These are purely my ideas. No guarantee that the markets will move this way. Please follow and comment, I would love to hear if you have the same or differing ideas.