Good Day Traders !! It's time for a full breakdown of the EUR/JPY . We have on the monthly timeframe a "W" formation and we just rejected the neckline which is in confluence with the previous high. Going down to the weekly timeframe we notice that we have also an impulse , correction , continuation pattern and we are currently at wave 5. On the daily timeframe we have a consolidation inside the open triangle and we expect the impulse to the upside. From an institutional perspective we do have on EUR a drop in Net position which explains the lack of impulse but we notice that during the previous week hedge funds added short positions on EUR which means that we should expect sell limit orders that need to be triggered.
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Trade safe !!!
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
