Hi Traders! EURJPY bearish setup is forming at the moment. A detailed analysis of this setup is as follows:
EURJPY Weekly Chart:
On the weekly chart we had a double cycle up which has completed itself. Currently it looks like a retrace is happening, we may now expect the price to move lower until it reaches the 38.2 fibo retrace zone of this entire double cycle.
EURJPY Daily Chart:
On the daily chat after the initial move down, a correction is happening inside the range. Currently the price has broken at the top of this range. If this turns out to be a false break, we may then expect the price to move lower. We may then start looking for sells expecting the price to reach the bottom of this range first. If the price breaks below the bottom of this range then we may expect it to move lower until it reaches the 38.2 fibo retrace zone of the weekly double cycle.
EURJPY H4 Chart:
On the H4 chart we have double cycle up, currently it looks like this double cycle has completed itself. We also have a bearish divergence that has formed which we may consider as a confirmation for bearish pressure. Once we get a breakout of the uptrend line, we may start looking for sells.
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