EURJPY Sell @ 132.38
Updated
Reason for trade:
Weekly: Price has been consolidated for about 7 weeks in a row. I believe it could be a switch of hands for price to advance lower. B/B
setup/trade. Aligns with weak EUR as well.
Daily: Broke of trend line and MA's crossover for extra confirmation. Prior last friday, we had a bearish engulfing wiping out the gains of the
previous 2 days. Target 130.80, and 128.20.
Weekly: Price has been consolidated for about 7 weeks in a row. I believe it could be a switch of hands for price to advance lower. B/B
setup/trade. Aligns with weak EUR as well.
Daily: Broke of trend line and MA's crossover for extra confirmation. Prior last friday, we had a bearish engulfing wiping out the gains of the
previous 2 days. Target 130.80, and 128.20.
Trade closed manually
Exited trade at +24 pips. WIth pin bars rejecting 132 level support for 2 days in a row, and including several touch point in the past 1.5 months. Price has indeed proven difficulty in breaking down that level as support. Thus, exited the trade to free up margin for the next trade.
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