1. Daily Channel Formation
2. Support and Resistance
3. Demand and Supply
4. M Formation
5. COT data - 1.EUR ⬆️ 2. JPY ↕️
1. Enter on 4hr timeframe
2. follow the analysis
ALL THE BEST!
Reasons for trade-
1: Risk Reward 1:3 and 1:5
2. Price broke major consolidation level of 130.60 after 8 days and now returning towards that level
3.Price has created lower high and lower low on 4 hour chart which is confirming downtrend for upcoming days
4.Price closed below major daily support of 131.700
5. Prerequisite for trade is bearish candlestick pattern...
Looking a good opportunity on buy side.Ensure that you use proper risk management with given Stop Loss .Please feel free to Message me for your account growth and profitable trades. Account management is offered .Thank you.
There is a possibility of the uptrend. if so, traders can set orders based on Price Action and expect to reach short-term targets.
EURJPY is in a range bound and the beginning of uptrend is expected.
The price is above the 50 & 200 EMA.
The RSI near 50.
TP1= @ 123.595
Risk reward ratio = 1 : 1.23...