Forex Price Action – EURJPY At Major Resistance | Nov. 19th

EURJPY
After having an impressive run, climbing over 400+pips in the last week, the EURJPY is now sitting under critical resistance at 104.50 which is a double top level and a 6-mos high for the pair.  Considering how fast and impulsively it got here, I would not be excited selling just yet, but the level offers plays for both sides.

For the bears, watch for price action reversals signals on the 4hr chart along with some weakening heading into the level.  If this plays out, a sell order around the level targeting 103 and 100.50 could yield a handy profit.

For bulls, you’ll want to wait for a breakout-retest setup above the level before going long as this may want to continue its upside assault – so plays for both sides.

breakout pullback setup forex price action 2ndskiesforex.com nov 19th

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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