EurJpy- 124 could be short term target for sellers127 is strong resistance for EurJpy, marked by a bearish Pin Bar.
Now the pair is heavy and also is trading under trend line support.
A clear break of 125.30 would expose 124.00 important support in the short term.
Sell rallies towards 126 could be s good strategy with 1:2 R:R
Eurjpytrade
EJ Double Top SetupPrice in a downtrend on the 15 min. Price came up to the previous lower high very strongly but doji’d showing price ran out of steam and momentum could shift to the downside again. Looking at the 5 min you can see a double top. Going to target the Lower Low and see how this trade goes.
Even if this trade loses, its with the trend and a good sell setup either way👍🏽
Eurjpy is now a buyEurjpy broke the previous lower high and is making the higher high on the 15min. I am going to wait for price to either hold above the level its at now or pullback for an entry on the retest and would make the higher low. Going to target 40-60 pips depending on where my entry is at. Look for a 10-15 pip SL. Price also double bottomed on the 1H.
EUR/JPY AnalysisEUR/JPY is in a tough spot right now on the daily, we dont see a clear indication for either long or short.
It tapped the Weekly liquidity, but that might have not been enough (Daily also still in a bullish trend)
EUR/JPY shows signs of weakness though, so we might see a Daily Trend reversal for this week, hence the trade for Traders with bigger risk appetite: Short.