Price is about to reach a key sliding parallel which previously has acted as resistance. Most likely this time will offer good support to price, and having in mind that price is moving to the down into a correction, there is a high probability that this downmove might end. Any buy setup completion at the parallel will be a very nice buy opportunity.
Hi John,If the Eur/Jpy pulls back to around 118.500 ,would that be a good area to go long ?
Fxprotrader
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@pip_hunter, That would be the ideal scenario.. But the rally may have just started.. We should wait for some structure to develop and draw a new upsloping pitchfork. We will then wait for validation of slope and if will work good we will stick with it.. So be a little patient and we will find good long opportunities to buy :)