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edramlan
Dec 21, 2018 9:41 AM

EURJPY to go lower. Short

FX:EURJPY1D
Euro Fx/Japanese YenFXCM

Description

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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.


  • Price move into a consolidation since late Oct and created a descending triangle.


  • 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!
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Trade closed: target reached

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TP hit. Stand aside for now.
Trend AnalysisChart PatternsEURJPYeurjpyshort
Comments
Safe_Signal
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Short it
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