EURJPY is coming back to retest the previous months low of 123.000 after a clear break to the downside. The value looks to have formed a clear level of what many refer to as support and resistance or supply zones. We have approached this area several times and always rejected/reversed.
The pair is currently at this area of interest and I have a short position in place on anticipation of another rejection. with a 25 to 30 pip stop loss and over a 250 pip take profit the trade is more than worth entering. Risk management is crucial as always and the lot size has been calculated to the stop loss as every entry is based on how much can be lost not how much can be gained.
Nice analysis! I'm personally looking to long this pair cos of the generated liquids created top side cos of the minor resistance also price as been trapping sellers for a while now using TRENDLINE break so I'm more biased to heavy buys
I'm personally looking to long this pair cos of the generated liquids created top side cos of the minor resistance also price as been trapping sellers for a while now using TRENDLINE break so I'm more biased to heavy buys