FOLLOW UP STRUCTURE | EURJPY

Two Trading possibilities found!

TRADE I
Tendency: Uptrend ( Bullish )
Structure: Falling Wedge | Breakout
Observation: i. Price action breaks out of Falling Wedge in anticipation of an uptrend continuation.
ii. Price above Moving Averages.
Trading Plan: BUY with potential a potential of 210pips and SL @ 119.000/118.500 zone
Risk/Reward: 1/2
Potential Duration: 3 to 5 days

TRADE II
Tendency: Downtrend ( Bearish )
Structure: Harmonics | BAT
Observation: i. impulse XA leg is observed.
ii. Point B retraces to 0.5 of XA.
iii. BC retraces 0.681 of AB.
iv. Anticipate CD falling within a 1.618/2.618 extension of AB is high.
v. The expectancy that price rises into Point D completing at a 0.886 retracement of XA to complete the pattern.
vi. Price action accelerates towards Moving Averages on the higher time frames.
Trading Plan: SELL at SUPPLY zone with a potential TP1 and TP2 (depending on where price action reverses from SUPPLY zone ) and SL (depending on where price action reverses from SUPPLY zone ).

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for follow up plan on lower time frames as price action is been monitored.

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