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EURJPY Bearish Rejection is Possible Due to Trend Line Confluence With T-89 Pattern

Nenad Kerkez
Updated

Hi traders,

The retracement in EUR/JPY has come to an important POC zone. 124.60-85 is the zone where the price might reject.

The POC zone aims for rejection. Adding to that is also the confluence of ATR and Camarillas. T-89 pattern showed up and coupled with historical sellers we could see 124.14 if momentum in the pair persists. Have in mind that the ATR high is 124.81 and if the price overshoots the ATR, bears might be endangered. From R:R perspective the trade could be pretty much ok as the trend is still bearish. Further bearish momentum will happen on the price close below 124.53 D H3 camarilla.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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