Fxprotrader
Short

EURJPY: Sell Opportunity at Key Resistance

OANDA:EURJPY   Euro / Japanese Yen
480 2 20
Price has reached and been rejected at the upper quartile of the downsloping pitchfork where previously found good resistance. Going short with sl and tp as shown at the chart is a nice idea
What do you think will come down to this level? or will continue to climb?
Reply
@jukilo2000, Well, at this level we should watch closer to see two things.. In case we see a bearish setup completion that most likely will mean that the upper parallel acts as good resistance. In case price breaks above just watch for a correction (flag pattern) and join the rally. In case it breaks above this pitchfork will be no more valid and we will draw an upsloping one. I hope this helps..!
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