Nice idea on EURJPY and there may be bearish bias as you have identified. For our set up, we have identified the key resistance and support levels. The resistance that we have identified is at 130.00, which is just below the upper limit of your stop loss. It is a horizontal swing high resistance, with 61.8% Fibonacci extension and 50% Fibonacci retracement. Stochastic reversed off its resistance where a corresponding drop could occur. If a drop does occur, we may want to look at the 127.88 support level, which is mid way of your take profit zone. It is a horizontal swing low support, with 61.8% Fibonacci extension , 76.4% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.