EURJPY, 4hr tf, rising wedge pattern in play
Based on the 4hr timeframe it looks like price making a rising wedge pattern on EURJPY.
Right now price hovering below the 121.30-50 resistance area which is previos structure support.
Back then when price touch this area, sellers came in and push price back to the downside. The recent 4hr candle close showin a sign that price looks exhausted and might push it to the downside once again as stochastic also on overought condition.
Sell EURJPY around 121.20-121.30
Stop loss 122.00
Take profit 1 @120.60
Take profit 2 @112.00
Take profit 3 @119.40
Right now price hovering below the 121.30-50 resistance area which is previos structure support.
Back then when price touch this area, sellers came in and push price back to the downside. The recent 4hr candle close showin a sign that price looks exhausted and might push it to the downside once again as stochastic also on overought condition.
Sell EURJPY around 121.20-121.30
Stop loss 122.00
Take profit 1 @120.60
Take profit 2 @112.00
Take profit 3 @119.40
Operación cerrada manualmente:
i closed this trade manually as it has made a bullish pattern as well
an inverted shoulders head pattern formed and price broke through the neckline
an inverted shoulders head pattern formed and price broke through the neckline