EURJPY: Shorting the Top of the Structure!
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the EURJPY, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis:
As most of the JPY pairs, EURJPY looks quite bearish and the price action itself is very clear.
In HTF a double top and a huge corrective structure could be an interesting clue of an upcoming market reversal.
Few LTF confluences, as well, are confirming the overall bias and we would like to step into this market as soon as it will be ready!
When, where and why would we step into the market?
The price dropped, breaking the LTF structure to the downside, impulsively, and it’s currently starting a potential correction for the next bearish impulsive phase.
The market, considering we are close to the end of the week, it may not be ready by this week.
However, we will keep an eye on the further price action and eventually a bearish correction is formed, we will step in, accordingly with our method, if all the criteria are respected.
Any reversal signs and/or pattern, would invalidate the trading idea/setup, and no action will be taken on this market!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Top Down Technical Analysis:
As most of the JPY pairs, EURJPY looks quite bearish and the price action itself is very clear.
In HTF a double top and a huge corrective structure could be an interesting clue of an upcoming market reversal.
Few LTF confluences, as well, are confirming the overall bias and we would like to step into this market as soon as it will be ready!
When, where and why would we step into the market?
The price dropped, breaking the LTF structure to the downside, impulsively, and it’s currently starting a potential correction for the next bearish impulsive phase.
The market, considering we are close to the end of the week, it may not be ready by this week.
However, we will keep an eye on the further price action and eventually a bearish correction is formed, we will step in, accordingly with our method, if all the criteria are respected.
Any reversal signs and/or pattern, would invalidate the trading idea/setup, and no action will be taken on this market!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
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