Following its sudden drop due to the flash crash early January 2019. The EURJPY pair has been steadily regaining bullish momentum. We are looking at the price 124.183 which has a 50% fibonacci level and a strong resistance resting in that zone.
If price stalls at these levels we could see a short term corrective move where we can profit with a short trade. TP1 , TP2 and TP3 have been laid out. Depending on market momentum we will adjust our trade accordingly.
For us to enter we must see some price exhaustion at our execution level before entry.
-Juff
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Price momentum did not slow down. Therefore we did not enter this trade.
We needed price to show signs of exhaustion at the Fibonacci Level however bullish momentum remained strong and pushed price to the 61.8 Fibonacci level.