glennmercer
Short

Short EURJPY: 5 Reasons

FX:EURJPY   Euro Fx/Japanese Yen
EURJPY             is showing bearish price action in the PRZ of multiple confluent harmonic patterns . After completing a bearish bat , price was rejected at the PRZ and is retesting the reversal area. In this area we have two bearish butterflies that have completed at trendline resistance and a bearish Wolfe wave setup as well. To add to the bearish bias, two unhit weekly pivots sit below price.

Confluence in the PRZ:
1. Bearish bat pattern completion
2. Two bearish butterfly pattern completions
3. Unhit weekly pivots below price
4. Bearish Wolfe wave setup
5. Trendline resistance

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Comment: Target 1 has been achieved. I have moved SL to breakeven and left all positions open due to heavily bearish PA.. My short EURJPY is hedged with a long EURAUD trade.
Trade closed: target reached: Target 2 Reached: +181 Pips
*Those who closed at WW Target line banked +250 Pips
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