EURJPY - H4
Market (21 above 55) is bullish. Price (5 above 8) is bullish. Stochastic is overbought. Price has reached the Bull profit target (WM4/WR2). As per pivot point theory price might return to WPP. I am looking to sell at this resistance level and would look on a smaller time frame for a reversal patter or lower low.
EURJPY - H1
Market (21 above 55) is bullish. Price (5 above 8) is bullish. Stochastic is moving down. Resistance level at WR2. Support at WR1/125.0, WM3 and WPP. As per my H4 chart, I'm looking for a reversal pattern (sell off WR2 if it forms a double top) or lower low (sell off WM4).