Breaking down the long-term short of EURJPY as described in the "EURJPY going short" idea (see below) as well as the initial break-out performance, we have come to witness a possible continuation in a similar fashion.
Note that the long-term trendline forming the top wedge (based at 121.977) is still strong for a new-forming, even-bigger wedge, with the 120.806 price tag being the new base, which is the opening price on BRExit offering first "serious" structure support.
The above is also supported by market conditions on Daily charts that show real lack of buying power (seriously overbought) by means of RSI/Stochastic.
Conveniently enough :D the above speculation will conclude 1st performance target as described on the "EURJPY Break-out Performance" idea (see below) that was nearly missed at first go. There will be some resistance from EUR, we are in for a bumpy SHORT ride (scalping opportunities?) but, for the time being, I cannot foresee anything that may reverse back to LONG (trend not just a retrace).
I would expect a solid retrace (min. 118.000) of that straight bull trend of the past few weeks, over the next few weeks before it shoots back to the stars.
Lets wait it out...
Since sometimes we all live in our small fantasy bubbles so, all feedback is appreciated.
Note that the long-term trendline forming the top wedge (based at 121.977) is still strong for a new-forming, even-bigger wedge, with the 120.806 price tag being the new base, which is the opening price on BRExit offering first "serious" structure support.
The above is also supported by market conditions on Daily charts that show real lack of buying power (seriously overbought) by means of RSI/Stochastic.
Conveniently enough :D the above speculation will conclude 1st performance target as described on the "EURJPY Break-out Performance" idea (see below) that was nearly missed at first go. There will be some resistance from EUR, we are in for a bumpy SHORT ride (scalping opportunities?) but, for the time being, I cannot foresee anything that may reverse back to LONG (trend not just a retrace).
I would expect a solid retrace (min. 118.000) of that straight bull trend of the past few weeks, over the next few weeks before it shoots back to the stars.
Lets wait it out...
Since sometimes we all live in our small fantasy bubbles so, all feedback is appreciated.
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