I will look to riding EURJPY southwards during the week. Here's why.
On the H4 time frame, an outer descending trendline (bold saddlebraown colour) from the high of March 13, 2017 is still very much in play while price action has moved lower, indicating an increase in momentum, to respect an inner descending trendline (bold magenta colour) from the high of March 17, 2017. The order flow context and the nature of price action last week showed that the market was in consolidation but the bulls were largely more influential. It is much likely that there wil be a retracement northwards before any further southward move is in play. A likely target of such a retracement is the intersection of the inner descending trendline and the immediate resistance zone, which is around 118.656 and 119.023 and which adjoins the 38.2 Fib zone from the high of March 17, 2017.
I may be wrong. Trade safe and prosper.
On the H4 time frame, an outer descending trendline (bold saddlebraown colour) from the high of March 13, 2017 is still very much in play while price action has moved lower, indicating an increase in momentum, to respect an inner descending trendline (bold magenta colour) from the high of March 17, 2017. The order flow context and the nature of price action last week showed that the market was in consolidation but the bulls were largely more influential. It is much likely that there wil be a retracement northwards before any further southward move is in play. A likely target of such a retracement is the intersection of the inner descending trendline and the immediate resistance zone, which is around 118.656 and 119.023 and which adjoins the 38.2 Fib zone from the high of March 17, 2017.
I may be wrong. Trade safe and prosper.
Do your homework, follow the footprints of smart money