EURJPY to go lower.

FX:EURJPY   Euro / Japanese Yen
Why it is lower?
  • The pair has been lower since the creation of a double top and bearish divergence since early this year.
  • However after price penetrated the double top neckline, it retested it in May and since then price moved within within a well defined range.
  • A few days ago, a bearish price action penetrated the support of the triangle.
  • The support was then retested yesterday but failed with a bearish key reversal.
  • The pair might be heading lower towards 124.5.
  • Already short this pair at 127.23.
Good luck and happy holidays!

Trade closed: target reached: TP hit. Stand aside for now.


Short it
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