timmynorin

EURJPY (1h) Double top, fibonacci, strong resistance - Short?

Short
FX:EURJPY   Euro / Japanese Yen
Price put in a double top , failing to close above 38.2 fib of X - A. In conjunction with fibonacci, and the double top , we have a strong monthly support and resistance area which could help us with this short.

I see high probability in this one, I am not looking for extended target(s) this time. As we could, potentially, look at a bullish (temporary?) release from this bearish trend .

If we break and close above 118.400 we could be looking at a bullish rotation, as hinted above. And then - we adjust our prognosis and entries accordingly.

Lets see if this elevator goes to our floor!
Comment: As I mentioned above - if we have a break and close above 118.400 this could turn into a bullish cycle. -> We now have a strong bullish candle that closed above which means that the probability for targets being hit are slim.

But! - We have stop loss for a reason. No changes.
Trade closed: stop reached: Stop reached. Lets keep our eyes open for the next possibility.

Comments

Target 1 very likely. Target two I dont think so.
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