Simple_FX_

EURJPY: Break and Retest - SHORT?

FX:EURJPY   Euro / Japanese Yen
Good Afternoon,

As you can see from the chart price has broken the ascending trend line and is approaching a retest at a key S/R level so this would be a good time to keep your eye on this pair.

We could potentially see a short trade come into play if price reacts and falls lower from the trend line , however it seems the Euro has been a strong run today with pairs such as EUR/GBP , EUR/CHF and EUR/USD seeing gains so I would wait patiently for price action to confirm your entry.

RSI is at 72 currently so it seems the pair is overbought.

Let me know what you think about this pair!

Comments

"so I would wait patiently for price action to confirm your entry"

Hi, what would you look for before entering?
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Simple_FX_ mickcarruk
@mickcarruk, Hi Mick, Generally in this situation I would look for price rejection off the trend line and/or the S/R zone and would use the 4 hour candle close to make my decision.
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