Hi Traders! EURJPY classical range breakout provides sell opportunity for us. A detailed analysis of this sell opportunity is as follows:
EURJPY Weekly Chart:
On the weekly chart the price was moving inside a range, this range was formed by the highs and lows reaching similar resistance and support zones. The price which was respecting this range so far has currently broken below the bottom of it, we may consider this as an evidence of bearish pressure. We may now expect pullbacks to happen and once the pullback completes itself, we may start looking for sells with bearish evidences.
EURJPY H4 Chart:
On the H4 chart currently it looks like the pullback that we were looking for is happening. This pullback might happen in the form of double wave up. In addition to this we also have a bearish divergence that has formed which we may consider as an evidence of bearish pressure. Once the pullback completes itself, we may then start looking for sells with more bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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