we can see here a buy opportunity for a good risk reward..
here is maket take inducement and break the demand zone (failed OB) and EGL.. lets watch how react the market at our final POI.. .
guys i hope u like my work .. plz motivate me from ur likes and comments if u finding analysis helpful.. thank
EURJPY is looking for sell after having ascending channel formation on the daily timeframe & has corrective phase on 4h which has the clear formation for the move to the downside.
EURJPY is looking for buying opportunity for a nice movement to the upside & has clear formation. ON 1h timeframe has formed descending channel which gives the formation.
gave breakout few weeks ago but consolidated afterward and now it has tested the support.
there is too good risk rewar ratio here
sl - 1.17350
tgt - take as much as you can
Price first acted as resistance and broke through it and retested as a support which is a typical textbook trade. Moreover the sma's are indicating that the trend is bullish on the higher timeframe.
EURJPY is in an uptrend which may bring in many buyers at the retracement zone when it creates higher low. However, when the support breaks, it may be a potential chance for a sell as there is a clear traffic on the left which may be reflected on the right too causing a mirror image. However if the price breaks above the resistance, there will be a potential entry...
