EURJPY Structural S/R|Hidden Divergence|.50 Fibonacci|Low Volume
Evening Traders,
Today’s analysis – EURJPY- respecting structural S/R, price action is likely to retrace for a swing low failure.
Points to consider,
- Bearish Retest (Structural S/R)
- Hidden bearish divergence ( RSI)
- Stochastics valid sell cross
- Volume below average
- .50 Fibonacci target
EURJPY respecting structural S/R will validate a bearish retest allowing for a short term bearish bias.
The Structural S/R level coincides with a hidden bearish divergence; the RSI has made a local high whilst price action established a technical lower high.
The Stochastics has a valid sell cross, this is indicative of momentum shifting as buyers become exhausted.
Volume profile is currently below average, an influx is probable as price accelerates towards key levels.
Overall, in my opinion, EURJPY is likely to test the .50 Fibonacci for a swing low failure. This will allow for a short with defined risk at current level. Price action must be used upon discretion/ management of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.” ― Yvan Byeajee
Today’s analysis – EURJPY- respecting structural S/R, price action is likely to retrace for a swing low failure.
Points to consider,
- Bearish Retest (Structural S/R)
- Hidden bearish divergence ( RSI)
- Stochastics valid sell cross
- Volume below average
- .50 Fibonacci target
EURJPY respecting structural S/R will validate a bearish retest allowing for a short term bearish bias.
The Structural S/R level coincides with a hidden bearish divergence; the RSI has made a local high whilst price action established a technical lower high.
The Stochastics has a valid sell cross, this is indicative of momentum shifting as buyers become exhausted.
Volume profile is currently below average, an influx is probable as price accelerates towards key levels.
Overall, in my opinion, EURJPY is likely to test the .50 Fibonacci for a swing low failure. This will allow for a short with defined risk at current level. Price action must be used upon discretion/ management of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.” ― Yvan Byeajee