EURJPY DAILY CHART - What I Am Looking To Trade - Part 2

After mapping out the major support and resistance lines on the monthly chart I move to the daily chart. Here I see a red engulfing candle bouncing off major resistance. This indicates this market is ready to move lower. I now expect price to move lower over the days and weeks ahead as it works its way down to major support. During this downward trek I also expect there to be periods of counter trend upward movements consolidating short term periods of downward movements when price becomes oversold on a short term basis.

Having learned price is now ready to move lower I will move to the 4HR time frame to look for a high quality short trade setup. I will post this trade setups as soon as I have identified a high quality short trade setup.