EURJPY Bearish Setup Forming At The Moment

4
649
EURJPY Sell Setup Forming At The Moment

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 Bearish Setup Forming At The Moment

Advertisement

 

 

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 Bearish Setup Forming At The Moment

 

 

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.

EURJPY Bearish Setup Forming At The Moment

If you want to learn how to do such analysis yourself, if you are looking for a professional team of traders and one of the best online trading communities, If you are looking for enormous archive of Webinars, Trading Tools, Trading Strategies, Books, Indicators, Expert Advisors and much much more, join my traders academy club for only $97 PER YEAR.

Join Traders Academy Club Now 

Also you can get one of my strategies free of charge. You will find all the details here
Yours to your success

Vladimir Ribakov

 

SHARE

4 COMMENTS

JOIN THE CONVERSATION - I ALWAYS REPLY (VLADIMIR)

Please enter your comment!
Please enter your name here

We respect your privacy and take protecting it very seriously.