EUR/JPY Rising Wedge

FX:EURJPY   Euro / Japanese Yen
261 2 10
Chart: Daily Time frame
Market: Bearish Trend

Bearish Indicators
1. Double top found at key 128.000 resistance level
2. Bearish Engulfing Candle (1st of April)
3. Price rejects 128.000
4. Rising wedge chart pattern
5. Double top & bearish engulfing pattern are all found just below the daily/weekly trendline resistance level

Risk Management
Risk/Reward Trade 1 - 1:1.70
Risk/Reward Trade 2 - 1:2.96
Stop Zone (trade 1 & 2) - 128.380 (just above 31st of march high)
Target 1 - 125.500
Target 2 - 124.100

Note: Price could pull back 127.600 before continuing lower, trade with caution.

Agree/Disagree? Comment Below!
Comment: Trade 1, Target 1 reached.
Comment: Trade 2, Move stop to break even.
Comment: Trade 2, Stop Moved to 126.750
Comment: Trade 2, Stop Moved to 125.780
Comment: Trade 2: Further downside expected over the next week, T/P moved to next level 123.400
Comment: Trade 2: Target Reached. Trade closed.
Very good setup.Thank you dude ! I am also waiting for a short but only if price retraces and touch TL
Glad you like it. Anytime. ;)
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