EURJPY Inverted Head and Shoulders
Following the domination of the EURO as a base currency last week, we can see that the market is not moving back to its normal state of trading, from forming our new low which is the head of the formation, ideally I was looking for shorts as a lot of people would have been…however with the explosive move back to the neckline to form the double top structure, we now have another bias on the cards!
Ideally I am waiting for price to come back within the green zone before looking for longs upon signs of rejection, it is very important that as a trader you are able to adapt and grow with the market, allowing your bias to be flexible as the market DOES NOT have to do what you want it to do, the market shows you signs of what it is going to do and we take advantage of this!
The full trading team are waiting for this set up to come in play before looking for longs back into the 121.00 region firstly and then beyond…make sure to get in contact with the team if you are wanting to learn a new life skill alongside ourselves!
Comment your thoughts on the analysis above!