The808Trader
Short

Euro to lose more ground? - Ichimoku EUR/JPY Trade Setup

FX:EURJPY   Euro / Japanese Yen
After a big move up, the Yen made some major gains over the last week as this pair has plummeted. We are now down and through the kumo, and close to a bearish kumo twist. In order to get a sell opportunity here, I want to see a drawback to just shy of the kumo and a good rejection candle to enter a sell. If we can get that, I'll enter and aim for the partial take profit levels I've drawn out on the way to the major price structure lows. As an alternative we can look for a break below the previous two candles, but that will be a little bit more risky as our risk to reward isn't the best and we haven't had a drawback for quite some time now. If we fail get a good drawback and rejection, or to break below previous price structure, then this setup may become invalidated.
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