FX:EURJPY   Euro / Japanese Yen
I am now shorting the EURJPY FX currency pair based on the 4hr and 1hr timeframe analysis. Confluences for taking this trade are as follows:

- 4hr lower high
- Multiple rejections of 0.618 Fibonacci Retracement level
- 1hr bullish trendline broken with lower high
- Daily timeframe showing tweezer top formation

I have placed a conservative stop loss which is 50 pips.

- Profit Target 1 is the 125.00 resistance zone which lines up with the daily trendline (outer structure).
- Profit Target 2 will be a lower low at the 4hr Fib 27% extension.
Trade active: Entered on the 4hr bearish engulfing candle which closed below the fib 0.618 level
Comment: Nice 4hr bearish pin bar candle... more downside to follow


Why is it not a flag waiting to pulse up?
+1 Reply
UnknownUnicorn772665 Captain_Walker
@Captain_Walker, Because the original impulse move wasn't clean enough
There’s a small bearish div on the 4h, providing the next 4h candle closes under 126.575 we could see some downside.
+1 Reply
@Movali123, Yeah I agree, I am still holding my short position and will just see how It goes
Anyone else shorting Euro next week? Fundamentally I feel like the Euro has a lot of downside potential going forward.

The technicals just provide an easier and more accurate entry
MissEmma UnknownUnicorn772665
@UnknownUnicorn772665, agreed, me too
+1 Reply
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