Hello Traders,
Here is the Top-Down Analysis of EURJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 50 - Dec 07
M > Price is respecting downward resistance trend-line, it has tested the same and monthly resistance. We can expect a rejection to the downside.
W > Price has returned back to test monthly resistance creating an over extended W formation.
D > Price made an impulsive bullish move breaking weekly supply zone and after rejection at resistance it dropped and made another attempt to break it to the upside but ended last week with a bearish pin bar.
As per COT EUR saw addition of Long and closure of Short, slightly enhancing net positions further. Open interest in EUR has increased by about 27K positions since start of November. EXY has been strengthening for past 3 weeks. JPY again saw addition of major Long and some Short positions improving net positions to highest in this year. JXY however weakened during the said period and was indecisive last week ending in a Doji. We can expect strengthening of JPY this week.
4H > We have rejection at resistance level however this is not a bearish confirmation, creation of a LL will provide the same.
Pair Correlation > EURJPY has positive correlation with CHFJPY and CADJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of EURJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 50 - Dec 07
M > Price is respecting downward resistance trend-line, it has tested the same and monthly resistance. We can expect a rejection to the downside.
W > Price has returned back to test monthly resistance creating an over extended W formation.
D > Price made an impulsive bullish move breaking weekly supply zone and after rejection at resistance it dropped and made another attempt to break it to the upside but ended last week with a bearish pin bar.
As per COT EUR saw addition of Long and closure of Short, slightly enhancing net positions further. Open interest in EUR has increased by about 27K positions since start of November. EXY has been strengthening for past 3 weeks. JPY again saw addition of major Long and some Short positions improving net positions to highest in this year. JXY however weakened during the said period and was indecisive last week ending in a Doji. We can expect strengthening of JPY this week.
4H > We have rejection at resistance level however this is not a bearish confirmation, creation of a LL will provide the same.
Pair Correlation > EURJPY has positive correlation with CHFJPY and CADJPY.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX