EURJPY Short Trade *TRENDLINE BROKEN, FIBONACCI & RESISTANCE*

I am now shorting the EURJPY FX currency pair based on the 4hr and 1hr timeframe analysis. Confluences for taking this trade are as follows:

- 4hr lower high
- Multiple rejections of 0.618 Fibonacci Retracement level
- 1hr bullish trendline broken with lower high
- Daily timeframe showing tweezer top formation

I have placed a conservative stop loss which is 50 pips.

- Profit Target 1 is the 125.00 resistance zone which lines up with the daily trendline (outer structure).
- Profit Target 2 will be a lower low at the 4hr Fib 27% extension.

Trade active:

Entered on the 4hr bearish engulfing candle which closed below the fib 0.618 level

Comment:

Nice 4hr bearish pin bar candle... more downside to follow