EUR/JPY Rising Wedge
Chart: Daily Time frame
Market: Bearish Trend
Bearish Indicators
1. Double top found at key 128.000 resistance level
2. Bearish Engulfing Candle (1st of April)
3. Price rejects 128.000
4. Rising wedge chart pattern
5. Double top & bearish engulfing pattern are all found just below the daily/weekly trendline resistance level
Risk Management
Risk/Reward Trade 1 - 1:1.70
Risk/Reward Trade 2 - 1:2.96
Stop Zone (trade 1 & 2) - 128.380 (just above 31st of march high)
Target 1 - 125.500
Target 2 - 124.100
Note: Price could pull back 127.600 before continuing lower, trade with caution.
Agree/Disagree? Comment Below!
Market: Bearish Trend
Bearish Indicators
1. Double top found at key 128.000 resistance level
2. Bearish Engulfing Candle (1st of April)
3. Price rejects 128.000
4. Rising wedge chart pattern
5. Double top & bearish engulfing pattern are all found just below the daily/weekly trendline resistance level
Risk Management
Risk/Reward Trade 1 - 1:1.70
Risk/Reward Trade 2 - 1:2.96
Stop Zone (trade 1 & 2) - 128.380 (just above 31st of march high)
Target 1 - 125.500
Target 2 - 124.100
Note: Price could pull back 127.600 before continuing lower, trade with caution.
Agree/Disagree? Comment Below!
Note
Trade 1, Target 1 reached.Note
Trade 2, Move stop to break even.Note
Trade 2, Stop Moved to 126.750Note
Trade 2, Stop Moved to 125.780Note
Trade 2: Further downside expected over the next week, T/P moved to next level 123.400Note
Trade 2: Target Reached. Trade closed.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.