I posted EURJPY Short trade setup couple of days ago.
The basic idea was – Daily Ichimoku Cloud can be Resistance.
It is sort of working. But not enough.
Even on the regular Daily chart, the price dropped from MR2, and Stochastic shows still a lot to drop.
Hourly chart looks also interesting. Currently the price is at Role-Reversal Resistance & Stochastic is in Overbought territory. And I hope this price will drop from here.
For the trigger, let’s wait for the break of DPP, and sell from the re-test of DPP.
For the target… let’s use Pivot theory.
- DM3 -> DM1 (132.16), or
- WM3 -> WM1 (129.42), or
- MR2 -> MPP (130.96)
Hope this setup helps you build your own.
Have a great weekend!!
YJ Baik – Forex.Today @ Tokyo