EUR/JPY Breaks Support, Retests Zone as Resistance

in LeoFinance •  24 days ago 

Direct from the desk of Dane Williams.




Just starting the day by flicking through my MT4 watchlist to search for some new trade opportunities and boy, is there a lot happening!

I've had my tunnel vision goggles on this last week or so focusing my attention away from forex markets and it looks like I've missed a few market turns at key higher time frame support/resistance zones.

One such zone we had been watching was EUR/JPY approaching support on the daily chart.

Take a look at where price is sitting today.

EUR/JPY Daily:

You can see price has gone through support and this time retested it as resistance.

Now it's printed a couple of daily bearish candles, it looks like the bears have taken control and I'd now rather be playing from the short side as a result.

Zoom into your intraday charts and find obvious areas of short term support turned resistance to get short off.

Best of probabilities to you,

Dane.




FOREX BROKR | Hive Blog
Higher time frame market analysis.

Posted Using LeoFinance

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Having dabbled, I have so much respect for the leverage game players.

Awesome advice and great value to a finance community!

Thanks Zeke. Just trying to provide some simple value to the community. 🦁

Posted Using LeoFinance

I was looking to play this set-up the other day on the 4 hr chart , never did put in an alert.

Posted Using LeoFinance

Exactly the type of setups I look for 👌🏻.

Posted Using LeoFinance