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Short

EUR/JPY rejected from double top at 129.47, good to sell rallies

FX:EURJPY   Euro Fx/Japanese Yen
141 0 0
EUR/JPY             price action was rejected from double top at 129.47 (Jan 5th and 27th), day's highs were also capped at 129.47.

The pair has been trading a falling wedge pattern, and scope builds for further downside.

Stochs are at overbought territory on daily charts and have shown a bearish crossover, RSI also points south.

Bearish invalidation only on breaks above 129.75, gains upto 130.11 then possible.

We would sell EUR/JPY             rallies around 129.25, SL: 130, TP: 127.80/50
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