FullTimeTrader
Short

EURJPY-H4-technical short

FX:EURJPY   Euro Fx/Japanese Yen
1019 8 16
After a strong rally this pair needs a pullback and here is a good setup on H4 chart that could word fine:

- bollinger band duplication
- rsi extremely overbought
- ema 200 acting as resistance
- near 0.61 fib retracement

SL above 0.61 fib retracement level

Target 1 - middle of bollinger band
Target 2 - opposite bollinger band

Regards

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).

I've seen RSI's higher than 80... So not that extremely overbought as you say, but I agree it might retrace some but I expect it to plunge together with GBPJPY after that one touched 191.
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FullTimeTrader Yahia.Awes
RSI is just a confirmation, the main tool here is the bollinger band duplication and ema 55 (w1) and ema 200 combination. Lets see. Regards.
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Yahia.Awes FullTimeTrader
True RSI tells what happened, but you might see what will happen in it also. To counter the "trend" I use divergence and this divergence so far is not critical enough if you ask me.
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Already entered...thanks for the confirmation..
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IMO the pair will strike up with a stong candle or two prior to noticeable correction.
+1 Reply
Nice setup, I support your idea also because of simple structure based technical analysis of price action making lower lows and lower highs and the 61.8 fib retracement. I got short on this one as the setup shows on the below chart:
snapshot
+1 Reply
Cool setup its already at SL levels
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agree!
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