Hi Traders! We have EURJPY bearish idea based on SPT. A detailed analysis of this sell setup is as follows:
EURJPY D1 Chart:
On the daily chart we have a bearish flag pattern that has formed and the price is currently moving inside it. In addition to this we also have a good downtrend line that has formed and the price is respecting it so far, until the price holds below this dynamic resistance my view remains bearish here. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
EURJPY H4 Chart:
On the H4 chart we have a hidden bearish divergence that has formed which we may consider as an evidence of bearish pressure, we may now look for more evidences of bearish pressure in order to join the bears.
EURJPY SPT Scanner:
On the SPT Scanner we can see that W1 and D1 timeframes are bearish, this means basically the indicator spotted that the most recent swing point on these time frames was a swing high, and since then the momentum is bearish. As these two timeframes are bearish we may look for possible sell setups with bearish evidences while these conditions holds.
EURJPY H4 Chart (SPT):
On the H4 chart we have a bearish cloud and the trend scan is red as well. Everything looks good here for the bears and while the price is below the cloud and the trend scan is red, we remain bearish in our view. Until these conditions holds, we may now look for possible sell setups with bearish evidences in order to join the bears.
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