week22 EURJPY Head and Shoulders forming, ready to rejoin downtrend.


Price reached a cluster of 52weeks resistance. A bulltrap has been observed.
week22 EURJPY D1 line chart 230515


Last friday, there was a bearish close below multi 52 weeks level. The head and shoulders , with macd divergence can be seen in a clearer perspective on the h4. There was a right shoulder in the form of a bear flag, which was completed from the bearish day expansion. This smashed the 52weeks support.
On week22, will be looking for an intraweek retracement to test these levels and then go short.

week22 EURJPY h4 hns WR2B hns macd divergence 230515


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