EUR_JPY: Gettin Ready for 2nd Leg
On a monthly charts, the structure is long way downtrend.
However, with a string of bullish engulfing candles for 2 consecutive weeks it is now evident that the structure is trying to move up.
By looking at the Weekly & Daily TF Charts It is now evident that the trend is trying to maneuver a new 5 wave move.
With wave one completed, it is moving slightly down via a gap at the start of the week.
Second leg will be possible to go down this week with a string of exciting economic events coming up most notably the FOMC Interet Rate Decision on Sept 18.
Second Leg Support at Weekly TF = 117.705 level
A short at 119.725 going towards 117.705 is not a bad trade.
Wild swings will be along the way so be careful.
A very good risk reward ratio.
Take care and happy trading!
However, with a string of bullish engulfing candles for 2 consecutive weeks it is now evident that the structure is trying to move up.
By looking at the Weekly & Daily TF Charts It is now evident that the trend is trying to maneuver a new 5 wave move.
With wave one completed, it is moving slightly down via a gap at the start of the week.
Second leg will be possible to go down this week with a string of exciting economic events coming up most notably the FOMC Interet Rate Decision on Sept 18.
Second Leg Support at Weekly TF = 117.705 level
A short at 119.725 going towards 117.705 is not a bad trade.
Wild swings will be along the way so be careful.
A very good risk reward ratio.
Take care and happy trading!
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