There have been some choppy waters flowing for the EURJPY in the recent short term. This main scenario is considering a test of the resistance zone near the orange rectangle, and in case the red curved support is broken and preferably retested there could be some room for a bearish wave towards the green rectangle where another opportunity might present itself in case the price meets a powerful support there.
Price action dictates the present and the potential future so have a lookout for any weakness or turnaround patterns that might occur in the projected support/resistance zones.
Price action dictates the present and the potential future so have a lookout for any weakness or turnaround patterns that might occur in the projected support/resistance zones.
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A closer look at the price action around the red curved support that needs to be broken for a potential down wave/move.
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Break, test, and a drop. Any comeback for the red curve now, would be an actual bull wave but it would still not disqualify the shorting scenario at a higher level, but the main idea was based around the support of the red curve which has been active strong since summer.
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Pit stop at the former red support curve. Don't know it this is just a retest, as mentioned in the previous post, there was a lot of bull energy required to come back to this level. Initial idea still stands, looking forward to see if it goes to test the 158.45 level or orange zone, or if new signs of further bearish momentum develop.
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A decent rebound and drop from the marked price of 158.45. 110pips
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Bottom support at the white rectangle zone. Potential resistance level at the purple rectangle. Price action dictates the future. The white support might hold but will the price reach the purple rectangle? If yes, will this one hold as well?
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Initial idea quote: "and in case the red curved support is broken and preferably retested there could be some room for a bearish wave towards the green rectangle where another opportunity might present itself in case the price meets a powerful support there."
The green rectangle has acted like a powerful support. At the same time the previously mentioned white support zone has been acting like resistance as of late. This wild card is not over yet. Looking forward for more price action bonanza in this snapshot.
The green rectangle has acted like a powerful support. At the same time the previously mentioned white support zone has been acting like resistance as of late. This wild card is not over yet. Looking forward for more price action bonanza in this snapshot.
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Once might argue that the yellow path idea is already complete considering the bull move represented with light blue arrows for both "simulation" and reality unfolded.
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A little bit of resistance at the purple rectangle after the bounce from the white support. Added price label with an icon and tamp stamp and an interesting ellipse for a zone of influence if it gets there. Let's see what happens when the purple end and the red rectangle begins.
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Rebound at the white support, back at the purple rectangle. Let's see the price action and how this unfolds. One scenario is the red becoming a ladder for the next step which is the ellipse.
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Looks like a break and retest of the red marked price level even if not convincing. Does this still have fuel in it to hover around the green icon towards the zone of influence potential resistance at the ellipse?
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Red zone acted as support.
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Decent turnaround at the red rectangle and we are back at the red marked price level which has seen 5 turnarounds so far. Is this one different? Or was the ellipse put up there on purpose?
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A hit on the ellipse as suspected after the break and test of red marked important level. Last rectangle zone to be added in this idea is the yellow one. Let's see if it does the job for a correction/reversal of at least 70 pips.
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The yellow rectangle did the job
