We have two potential scenarios for the EURJPY. Unfortunately, none of them will give is a good trading opportunity in the short term.
Scenario A
The corrective cycle that started in October 2022 is not over, and we will see another wave down before ending wave 2 in the primary degree (green)
What to do in scenario A?
In this scenario, when the price reaches the green Inflection zone, we will buy EURJPY
Scenario B
This corrective cycle ended on January 2023, and we have already started wave 3 in the primary degree.
What to do in scenario B?
The EURJPY will need to break the highs created on October 2022 before looking for buying opportunities in a shorter time frame cycle.
In conclusion, in the short term, we do not expect that EURJPY can provide us with good trading opportunities. We will continue analysing it for you and updating you accordingly if the market structure changes
Please remember to do not to risk more than 2% of your account on each trading idea
Scenario A
The corrective cycle that started in October 2022 is not over, and we will see another wave down before ending wave 2 in the primary degree (green)
What to do in scenario A?
In this scenario, when the price reaches the green Inflection zone, we will buy EURJPY
Scenario B
This corrective cycle ended on January 2023, and we have already started wave 3 in the primary degree.
What to do in scenario B?
The EURJPY will need to break the highs created on October 2022 before looking for buying opportunities in a shorter time frame cycle.
In conclusion, in the short term, we do not expect that EURJPY can provide us with good trading opportunities. We will continue analysing it for you and updating you accordingly if the market structure changes
Please remember to do not to risk more than 2% of your account on each trading idea
Trading the Right Side team
All our links: bit.ly/m/TRS
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All our links: bit.ly/m/TRS
NEW Free telegram channel: t.me/tradingtherightside