Art_of_Trading

EURJPY: Short / Reversal Zone

FX:EURJPY   Euro / Japanese Yen
On FX:EURJPY             , there was a dramatic fall yesterday. Today, we can see the steady rise. It is very similar to EURUSD             set-up, which I posted earlier. Both currencies have correlated moves.

There is a key zone at 133.50, which was acted as support but the price falls below that level and it became the resistance. Thus, it is a important area and if the price will go to that level, it is more likely that it will act as resistance again. We all know that institutional traders and big players place their orders at key zones. Moreover, we have an additional confirmation - Fibonacci. Fibo 38.2% level exactly hits this key zone.
From this analysis, it may conclude that if the price goes near to 133.50, it will be a good opportunity to go short.
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Valid Gartley; it will increase probability of this trade; but still needs to finish 2 legs.
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Like your style! Very premature but I have my eye on a potential Gartley which would terminate in this zone also.
snapshot


Thanks for the idea :)
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