EURJPY: Possible bottom and resumption of uptrend
Analysis:
1) {a}-{b}-{c}: {impulse}-{combination}-{?}
2) (w)-(x)-(y): (expanded flat)-(combination)-(?)
3) Price hit Fib 1.382 extension: (x)=1.382(w)
4) RSI divergence
Profit target:
*) Fib retracement: {b}=0.382{a}
*) Fib extension: (y)=(w)
From Fibonacci clustering technique, 135.6 might be appropriate target.
1) {a}-{b}-{c}: {impulse}-{combination}-{?}
2) (w)-(x)-(y): (expanded flat)-(combination)-(?)
3) Price hit Fib 1.382 extension: (x)=1.382(w)
4) RSI divergence
Profit target:
*) Fib retracement: {b}=0.382{a}
*) Fib extension: (y)=(w)
From Fibonacci clustering technique, 135.6 might be appropriate target.
Trade active
Long position opened at 122.5Trade closed: stop reached
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