EURJPY Rising Wedge|Local S/R|.618 Fibonacci|Bearish Divergence
Evening Traders,
Second Analysis – EURJPY – trading in a rising wedge formation where a breakdown is probable.
Points to consider,
- Price Action Bearish
- Local S/R Resistance (.618 Fibonacci Confluence)
- 200 MA immediate support
- Oscillators Divergence
- Volume Declining
EURJPY’s immediate price action is bearish, trading in a rising wedge; this allows us to have a bearish bias on the market.
Local S/R is current resistance which is in confluence with the .618 Fibonacci; price action is likely to respect this level upon first test.
The 200 MA is immediate support, breaking this bearish will make the next trade location the 200 EMA which is in confluence with the .382 Fibonacci.
Both oscillators have a valid bearish divergence, this is indicative of momentum shifting in the immediate term.
Overall, in my opinion, EURJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.”
― Yvan Byeajee
Second Analysis – EURJPY – trading in a rising wedge formation where a breakdown is probable.
Points to consider,
- Price Action Bearish
- Local S/R Resistance (.618 Fibonacci Confluence)
- 200 MA immediate support
- Oscillators Divergence
- Volume Declining
EURJPY’s immediate price action is bearish, trading in a rising wedge; this allows us to have a bearish bias on the market.
Local S/R is current resistance which is in confluence with the .618 Fibonacci; price action is likely to respect this level upon first test.
The 200 MA is immediate support, breaking this bearish will make the next trade location the 200 EMA which is in confluence with the .382 Fibonacci.
Both oscillators have a valid bearish divergence, this is indicative of momentum shifting in the immediate term.
Overall, in my opinion, EURJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.”
― Yvan Byeajee