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Developing story

EUR/JPY monthly chart

From a monthly perspective, EUR/JPY is in a supply zone and following such a long period of being in a bullish trajectory, a 38.2% Fibonacci to prior resistance can be expected.

The cross is also failing at daily support and the wick could be filled in:

EUR/JPY resistance structures

EUR/JPY has its work cut out below critical resistance structures.

EUR/USD daily chart

The euro is testing trendline support in supply territory, a break of which reinforces the downside case for the euro crosses. 


The price is testing back above the trendline at resistance and familiar Fibonacci retracement levels that would typically to hold up the correction. 

EUR/USD 1HR resistance

A series of impulses and corrections so far point to correction at resistance, which brings us to the EUR/JPY cross…

EUR/JPY day trade lining up 

The conditions are all aligning for a short setup on the lower time frames and the euro is under pressure vs the greenback.

The hourly chart shows the price creeping towards resistance where a deceleration will open prospects for an entry on a lower time frame, such as the 15-minutes chart.

Price action will be monitored for a favourable entry with preferable risk-reward.

More to come from both a day trade and swing trading perspective as the price action eveolves…





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