On that situation, this is a quite good opportunity to initiate a short position because :
- the current price is close to the resistance at 116.349Y (two previous tops)
- this matches with the 62.8% retracement of the wave (July-August)
- the upper downside of the triangle makes an additional barrage for the buyers to go higher.
Here is the strategy :
- Enter short on EURJPY @ the current price (approx. 115.31Y)
- Stop @ 116.75Y
- Target @ 112.72Y
Reward/Risk = 1.15
Feel free to leave your view about this analysis in the comment section
It is not time yet to close the position : wait the target to be hit.