Waiting on a long opportunity on Eur/Jpy

5 de abr. de 2020

I see a strong bullish bias on Eur/Jpy, Price approached an area of value(resistance) and was rejected on daily time frame indicated by the long wick bearish candle stick. This candle was then followed by a small bullish candle after friday market closure, this shows a loss of momentum in the market. Going down to a lower time frame, price broke out of 4H time frame descending channel which validate the initial higher low created and the rsi divergence. Also an inverted Head and Shoulder chart pattern sighted on 1H time frame. Waiting on price to create an higher high and a retest of the minor resistance followed by a bullish candlestick before looking for an entry.