Here we have EURJPY on the 4HR time frame. Thursday into Friday of last week we saw price break out to the downside after finding some strong resistance around the 130.00 Major quarter level. This point was also respecting a longer term trend line.
After price failed to transition into the next quarter and broke to the downside, price found strong support around the 128.7 region which has acted as a point of interest in the past.
What I see is price retracing back up to the 61%-71% fib level before returning to the downside aiming for the -27% fib level of 128.3. This level has been a support level in the past.
Trade at your own risk. I am not qualified to give investment advice.
Happy trading :)
~TraderTrev
After price failed to transition into the next quarter and broke to the downside, price found strong support around the 128.7 region which has acted as a point of interest in the past.
What I see is price retracing back up to the 61%-71% fib level before returning to the downside aiming for the -27% fib level of 128.3. This level has been a support level in the past.
Trade at your own risk. I am not qualified to give investment advice.
Happy trading :)
~TraderTrev