Art_of_Trading
Short

EURJPY: All I Need -- LINES

FX:EURJPY   Euro Fx/Japanese Yen
On FX:EURJPY             , we have no clear trending market, the price didnt break last Lower Low; however, the technical analysis gives a high probability set-up to go short.
There is a Strong Trendline (dynamic resistance) the price respected this level and each times it touches it, trendline bounces it back. It is a good indication that the price found its roof at this point. In addition, we have a resistance level at 132.60. It was acted as support, but after the breakout it became the resistance. It is a high probability that if the price touches those level again, the price has reaction, reversed again and drop. We all know that big orders are placed on key levels and I assume Sell Limits order are there.
In addition, the price may not go up to that level and continue its dropping. Thus, there are 2 options; 1) go short 2) wait the price to touch resistance and then Sell.
P.S It is advised to wait the market to be opened on Monday to avoid and noisy movement.
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