Euro / Japanese YenShort
Shorting EURJPY for a small retracement in price
Seeing that this pair has been overextended for quite a while now on the daily time-frame, i feel safe to place a short position with my stop loss right above the 124.000 price level with Fib retracement TP levels.
1) 4hr Divergence- Loss of momentum/bulls failed to carry prices above 124.000 for a HH
2) 124.000- strong reference point for bears, take profit levels for bulls.
3) a 4 hour close below the 21 moving average indicates prices have failed to rise
4) Candlestick confirmation after breaking bullish trendline. (possible retest)
1) 4hr Divergence- Loss of momentum/bulls failed to carry prices above 124.000 for a HH
2) 124.000- strong reference point for bears, take profit levels for bulls.
3) a 4 hour close below the 21 moving average indicates prices have failed to rise
4) Candlestick confirmation after breaking bullish trendline. (possible retest)
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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.