12.04.2021
As we canvass the landscape, we look at many charts and how they correlate with the macro landscape.
EURJPY had a BEARISH ENGULFING CANDLE on FRIDAY, this is what we saw:
The SUPPORT breaking with a BEARISH ENGULFING is very bearish. So we looked at the WEEKLY CHART for clues and we mapped an a-b-c extension that met a FIBO level. Picture perfect.
This prompts us to EXPAND the view and look at the big picture. The MONTHLY chart now looks BEARISH, with a target at 115.75
The FRAMEWORK is good and conducive for RISK CAPITAL DEPLOYMENT.
The OLD SUPPORT LEVEL now may act as RESISTANCE giving a SHORT POSITION great CONVEXITY.
We will break down the short term charts looking for proper levels and a constructive GAME PLAN.