EURJPY Daily S/R|.382 Fibonacci|Bear Impulse|Oversold conditions
Evening Traders,
Today’s second analysis – EURJPY- impulse sell into Daily S/R where a bounce is probable allowing for a short on low volume.
Points to consider,
- Price Action Impulse
- Daily S/R Support
- .382 Fibonacci Resistance
- Oscillators Oversold
- Bear Impulses
EURJPY’s immediate price action is looking bearish; a bounce on low volume will allow us to maintain a bearish bias.
The Daily S/R is considered immediate support; here a bounce initially is probable – currently being the case.
The .382 Fibonacci is likely to get tagged before further downside momentum. Exceeding above this level will negate our bearish bias.
Both oscillators are trading at oversold conditions, this greatly increases the probability of an oversold bounce play.
Current volume profile is impulsive; bull volume is required for follow through. Failure will increase the probability of a breakdown.
Overall, in my opinion, EURJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.”
― Yvan Byeajee,
Today’s second analysis – EURJPY- impulse sell into Daily S/R where a bounce is probable allowing for a short on low volume.
Points to consider,
- Price Action Impulse
- Daily S/R Support
- .382 Fibonacci Resistance
- Oscillators Oversold
- Bear Impulses
EURJPY’s immediate price action is looking bearish; a bounce on low volume will allow us to maintain a bearish bias.
The Daily S/R is considered immediate support; here a bounce initially is probable – currently being the case.
The .382 Fibonacci is likely to get tagged before further downside momentum. Exceeding above this level will negate our bearish bias.
Both oscillators are trading at oversold conditions, this greatly increases the probability of an oversold bounce play.
Current volume profile is impulsive; bull volume is required for follow through. Failure will increase the probability of a breakdown.
Overall, in my opinion, EURJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.”
― Yvan Byeajee,