MarlyForex
Short

EURJPY -- TREND CONTINUATION TRADE RETRACE THEN SHORT :)

FX_IDC:EURJPY   EURO / YEN
180 0 20
8 months ago
Display: EURJPY            

Description: As shown above we have EURJPY             . We have a clear cut Trend outlined on this pair which i explained
in last nights post. for the month of March 2016 i had a few long positions anticipating a touch of the upper channel TL. A few pips
short of the TL we can see structure coming back into play with a similar breakout trade of the Bear Flag almost identical to PA from
late summer 2015 Till \ recent.

In Todays post I'm expecting after such a beautiful move to the downside at least a relief rally up to the 0.50 potentially or just
beyond but i do see Weekly Res 124.800 holding firmly so below that level it will be shorts all the way there is a possibility
we could come short of hitting the 0.50 that would be down to you to analyse for your own suited entry, However overall very short.

Using these indicator/s: On the 1HR the 50 200 EMA is Smoothing out PA also acting as Resistance.

Duration: Long Term

Decision: I will SHORT this pair off the retracement if it holds below the 61.8 Retracement , If price declines before a visit of the 0.50 Fib we
would wait for a bearish setup to SHORT this pair.

Trade Setup:
Entry: 124.000
TP 1: 122.750
TP 2: 123.000
SL: 125.000

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.

Remember to always trade your stratergy... Happy Trading

Useful Information:

TREND: Bearish

INDICATORS: Moving average

ATTACHED CHART : YES
7 months ago
Comment: TP 1 hit cover entry
7 months ago
Trade closed: target reached: TP 2 HIT
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