timmynorin
Short

EURJPY (15min) Short setup, brief analysis

FX:EURJPY   Euro / Japanese Yen
My clues,

X-A 61.8% fibo reversal
1.618 fib extension
Overbought condition
Trend line resistance

We also have historical support and resistance zone within stop loss.

Target 1 - 0.382 fib of the leg
Target 2 - historical support and resistance zone, just above 0.618 fib of the leg.

If, however...
Plan B, if break and close above the falling trend line , I will look for opportunity to get long on this pair.
Trade closed: target reached: Target 1 reached, rolling stop loss to break even.
Comment: Stopped out on break even for second half
well done.
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timmynorin ernstschwarz
@ernstschwarz, Thank you, although we did miss out on second target.
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risky idea because you trade the expected last wave in the corrective structure for more upside, but ok. i second your idea and expect price to fall as low as the 119.80 area.
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timmynorin ernstschwarz
@ernstschwarz, I agree with you. But since I had enough evidence to support my case, I had to take it. and risk being wrong. :) Price tried to provoke 121.000 level, which proved to hold enough resistance to aid this setup.
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