EURJPY Daily Analysis 2/9/20

EJ Short Idea

We can identify that the monthly timeframe has been ranging, the weekly is bearish, the daily is bullish and the 4hour is bearish.

We can also see that on this daily timeframe price action has been bouncing between 122.700 and 120.250 area.

Last week we saw that a potential for a break lower was possible but instead price action bounced. The support level around 120.250 is now being tested again giving us another opportunity to capitalize on a bearish continuation.

Ideally a significant close lower followed by a retest and plenty confirmation would be enough to enter short on.

Looking to target toward 118.000