Short EURJPY Longterm Based on 4H + 1D Charts

We recently shorted the EURJPY with great success and it is currently travelling back up to the trend line. As the current trend line is based on the 1D chart and the day is not over, it is not possible to determine exactly where the current trend line will stop and for this reason, I have made two possible entries on this trade setup.

We can see the price has gone from making Higher Highs to Lower Highs and is now making Lower Lows as well, indicating that the upwards momentum is coming to an end. If price respects the trend line and bounces down, providing our 4H candle closes below the lower horizontal green line it should be a safe place to Short from. However, if the price reaches the upper resistance and is rejected, then we can enter from the higher green horizontal line providing a 4H candle closes below it.

We have some support/resistances to battle through along the way and our first TP will be around 122.1

This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.

Please comment below and Like if you agree with my analysis.

Comment:

Did not touch the trend line. Looking for pullback in lower timeframe.

Trade active:

Tested major resistance and rejected. Short active. Goodluck + Trade safe.

Trade closed manually:

We have strong buy signals at the moment and this might go to 124.3x, breaking through both resistances marked out in green lines on the chart above. Therefore, I am closing this trade off for now to preserve equity and will continue to monitor.

Comment:

Won't be re-entering this evening. Will check again on Sunday evening, if we have a break + close below the Major Support @ 123.158 then I will consider re-entering. Have a good weekend everyone.

Trade active:

This was re-entered at 123.700 based on the shorter term H&S formation I recently published. We will aim to hit the H&S target first and then see if we can continue to reach the target on this setup.

Trade closed manually:

Closing this trade, for today this looks like it will continue to rise so I will close my positions and bank the profits.