Kaetea_Ng
Short

EURJPY - break of a bearish wedge pattern

FX:EURJPY   Euro / Japanese Yen
Hello Traders,

The EURJPY showed very bearish momentum after the break of a rising wedge pattern. After the retest of our resistance 124.902, there is a good opportunity to enter a short trade.

Resistances: 124.902, 125.293
Supports: 124.457, 124.050

We are now testing previous market structure at the resistance 124.902 where we expect a rebound and a reversal of our trend.

I set a BUY MARKET ORDER below the resistance 124.902 and set the SL above the next resistance 125.293. TP is set at the support 124.050. See the arrows for my graphical projection.

Entry: BUY LIMIT 1.14457
SL: 1.13851
TP: 1.15327 / 124.457 (partial profits)

Trade characteristics: Trend reversal with a market entry on a retest
Expected trade duration: 1-3 days
Risk-to-Reward-Ratio: 1.68

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