formosanblackbear
Short

Slight Weakening of the Euro Presents an Entry on the EURJPY

FX:EURJPY   Euro / Japanese Yen
Bearish signals on the Euro             has presented a potential downward movement on the EURJPY             . There is a high test that formed today running through the .618 Fibonacci retracement and the monthly support/resistance level (area) of 140.00. Moreover, the reward risk ratio in this potential entry is a nice 2:1.
Not sure I could take a short position here. It looks like a two month uptrend with a higher high and a higher low in place, it could even be described as a long term inverse head and shoulders playing out over the whole of 2015. A single candle and a fib line is somewhat limited evidence to move on.
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