EURJPY-H4-technical short

FX:EURJPY   Euro / 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


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).

Cool setup its already at SL levels
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:
+1 Reply
IMO the pair will strike up with a stong candle or two prior to noticeable correction.
+1 Reply
Already entered...thanks for the confirmation..
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.
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.
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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