The price continues to hover around our previous Supplication area (see link below for reference purposes); The Euro has been unable to sustain its move to a new high following price inability to Break above the Y130.600 area.
After culminating @ Y130.680, a Double Top pattern emerges with tendencies that support the beginning of a Corrective phase. We finally experience a Breakdown of Ascending channel during last week trading session a sign that the price no longer respects the Channel. I am of the opinion that this sudden Breakdown might be a Temporary dimension to price action (Corrective phase) in anticipation of a rally continuation in the nearest future.
Tendency: Temporary Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Double Top (Reversal pattern) | Ascending Channel
Observation: i. EURJPY appears to be bullish from the perspective of a long-term outlook; Price has respected the Ascending Channel since late January 2021.
ii. The Breakdown of the Neckline coinciding with a breakdown of the Channel is a signal that Buyers have lost their momentum and a new direction is evolving.
iii. In the last 17days, Y129.750 has been a significant area as a Breakdown/Breakout of this area has dictated the prevailing direction of price action.
iv. The Neckline @ Y129.750 shall be my Key level in the coming week(s) as I anticipate a correction (retest) after the Breakdown that happened last week to join the decline train.
iv. This been said, after completion of the correction of the Breakdown in the coming week(s); any area below Key level will be good for me to join the decline train. Trade consciously :)!
Trading plan: SELL confirmation with a minimum potential profit of 170 pips.
Risk/Reward: 1:4
Potential Duration: 4 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
After culminating @ Y130.680, a Double Top pattern emerges with tendencies that support the beginning of a Corrective phase. We finally experience a Breakdown of Ascending channel during last week trading session a sign that the price no longer respects the Channel. I am of the opinion that this sudden Breakdown might be a Temporary dimension to price action (Corrective phase) in anticipation of a rally continuation in the nearest future.
Tendency: Temporary Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Double Top (Reversal pattern) | Ascending Channel
Observation: i. EURJPY appears to be bullish from the perspective of a long-term outlook; Price has respected the Ascending Channel since late January 2021.
ii. The Breakdown of the Neckline coinciding with a breakdown of the Channel is a signal that Buyers have lost their momentum and a new direction is evolving.
iii. In the last 17days, Y129.750 has been a significant area as a Breakdown/Breakout of this area has dictated the prevailing direction of price action.
iv. The Neckline @ Y129.750 shall be my Key level in the coming week(s) as I anticipate a correction (retest) after the Breakdown that happened last week to join the decline train.
iv. This been said, after completion of the correction of the Breakdown in the coming week(s); any area below Key level will be good for me to join the decline train. Trade consciously :)!
Trading plan: SELL confirmation with a minimum potential profit of 170 pips.
Risk/Reward: 1:4
Potential Duration: 4 to 10days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
